Stablecoin Development Corp. puts more than $100 million into SKY token

PANews, March 23 — CoinDesk reports that Nasdaq-listed drugmaker NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation, switching its ticker from NBY to SDEV as it pivots from healthcare into cryptocurrency and stablecoin development. The company recently completed a private financing of about $134 million, backed by investors including Framework Ventures and Tether Investments. Proceeds will largely be used to expand SDEV's position in SKY, the governance token of the decentralized stablecoin protocol Sky. SDEV says it holds roughly 2.06 billion SKY tokens, about 8.78% of total supply, valued at around $147 million. More than half of the position was purchased in the secondary market at an average price of about $0.065. The rest was received as part of the financing consideration paid in cash and stablecoins. The company has started staking SKY and has accumulated approximately 26.6 million SKY in staking rewards to date.