- The new company will trade under the ticker “SDEV” on the NYSE.
- SDEV believes stablecoins are the most compelling opportunity in digital finance.
NovaBay Pharmaceuticals (NBY), valued at $30 million, has made a full shift to crypto. The healthcare nanocap entity announced that it has changed its name to Stablecoin Development Corporation in preparation for the pivot.
Chief Executive Officer, Michael Kazley commented, “We are building the premier public market vehicle to access cash flows within the growing stablecoin economy.” Kazley said the pivot reflects the firm’s conviction about stablecoins, which he says are the most “compelling structural opportunity in digital finance.”
The move follows $134 million in backing from Tether Investments and Framework Ventures through a private placement. The company is using the funding to build a portfolio in SKY, the governance token of the Sky protocol.
The firm announced it already holds over 2 billion SKY tokens and has an active staking program. It has earned about 26.6 million SKY tokens in staking rewards since beginning on-chain staking activities.
See Related: Semler Scientific Announces $150 Million Fundraising To Boost Bitcoin Holdings
SDEV Sees Big Opportunity In Stablecoins
With the stablecoins market size climbing past $300 billion, large institutions continue to be attracted, with major banks experimenting with use cases in tokenized deposits, payments, and settlements. SDEV reiterates the growing use of yield-bearing stablecoins, enabling returns across real-world asset allocation and on-chain lending.
Participation in the stablecoin market also underscores SDEV’s belief that stablecoins can unlock new opportunities in digital finance, such as treasury management, savings, and capital formation. The company will begin trading under its new ticker, “SDEV,” on the New York Stock Exchange in April. 3, 2026.
Affiliate link — we may earn a commission.