NovaBay pivots from pharma to blockchain finance

NovaBay rebrands as Stablecoin Development Corporation, raising $134M and acquiring 2.06B SKY tokens. The company pivots from healthcare to DeFi, focusing on stablecoin finance.

NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation (SDEV), marking a significant shift from healthcare to blockchain finance. The company raised $134 million in a private placement with leading crypto investors such as Framework Ventures, Tether Investments, R01 Fund LP, and Sky Frontier Foundation. With these funds, SDEV acquired about 2.06 billion SKY tokens—representing 8.78% of the total supply—at an average price of $0.065 per token. Over half of these tokens were purchased on the open market. SDEV has staked most of its SKY holdings, earning an additional 26.6 million tokens in rewards. This strategic move positions SDEV as a public market gateway to stablecoin-driven finance. The company has fully exited its pharmaceutical operations, embracing a new role in the decentralized finance (DeFi) sector with stablecoin infrastructure at the heart of its business model.