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Stablecoin Development Corporation Rebrands, Shifts to Crypto After $134 Million Raise

Stablecoin Development Corporation Rebrands, Shifts to Crypto After $134 Million Raise

NovaBay Pharmaceuticals said it will rename itself Stablecoin Development Corporation and begin trading as SDEV on April 3, while disclosing a SKY token holding valued at about $150 million as of March 16.

SKY

Fact Check
The statement is entirely accurate based on official company announcements and widespread reporting. NovaBay Pharmaceuticals (NYSE American: NBY) issued a press release on March 23, 2026, confirming its name change to Stablecoin Development Corporation and ticker change to SDEV, effective April 3, 2026. The company also confirmed a $134 million private placement completed in January 2026 and disclosed holding 2.06 billion SKY tokens, which were valued at approximately $150 million as of March 16, 2026.
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Summary

NovaBay Pharmaceuticals said it will rename itself Stablecoin Development Corporation and change its ticker to SDEV, with trading under the new symbol expected to begin on April 3. The company disclosed holdings of about 2.06 billion SKY tokens worth roughly $150 million as of March 16. Its shares rose 19% after the announcement. The update adds a dated valuation for the token position and confirms the expected start date for trading under the SDEV ticker as part of the company’s shift from healthcare into digital assets following its previously disclosed $134 million private placement.

Terms & Concepts
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value, often by being linked to a fiat currency or another reserve asset.
  • Private placement: A fundraising method in which securities are sold directly to a limited group of investors rather than through a public offering.
  • SKY tokens: The digital tokens held by the company as part of its crypto-focused strategy; the disclosed position totals about 2.06 billion tokens.