NovaBay Rebrands as Stablecoin Development Corporation in Crypto Pivot

NovaBay Pharmaceuticals, formerly a maker of eye-care and dermatology products, sought a new direction after selling its main business in 2025. Its pivot centers on Sky Protocol, with the company holding and staking the SKY governance token to earn returns from the stablecoin ecosystem, marking a complete shift from biotechnology into volatile digital assets.

NovaBay announced on March 23, 2026, that it would rename itself Stablecoin Development Corporation, with its ticker scheduled to change from NBY to SDEV on April 3. Using proceeds from a $134 million private placement completed in January, the company held about 2.06 billion SKY as of March 16, representing nearly 9% of the supply, and had accumulated 26.6 million SKY in staking rewards. Its shares rose nearly 19% after the announcement.