NovaBay Pharmaceuticals (NBY), a $30 million market-cap nanocap, has rebranded as Stablecoin Development Corporation and changed its ticker to SDEV-abandoning pharmaceuticals for stablecoin infrastructure.
The company raised $134 million in a private placement led by Framework Ventures and Tether Investments. It used proceeds to acquire 2.06 billion SKY tokens-8.78% of total supply-worth approximately $147 million. Over half was bought on the open market near $0.065; the balance came via the financing deal.
Stablecoin Development Corp has begun staking SKY and reports earning 26.6 million additional tokens so far. Sky protocol’s current staking yield exceeds 10%.
NBY shares rose 5% Monday. SKY is down 1.45% over 24 hours while the CoinDesk 20 index rose 4%.