NovaBay Rebrands to Stablecoin Development Corp, Buys SKY Tokens

NovaBay Pharmaceuticals, a California-based company previously focused on antimicrobial eye care and wound treatments, announced its rebranding to Stablecoin Development Corporation on March 15, 2025, marking a complete shift from pharmaceutical operations to blockchain finance. The transformation, which includes a new ticker symbol SDEV on the NYSE American, was accompanied by a $134 million private placement and the acquisition of approximately 2.06 billion SKY tokens, representing 8.78 percent of the token's total circulating supply.

The private placement, closed in January 2026, involved institutional investors including R01 Fund LP, Framework Ventures, Tether Investments, and Sky Frontier Foundation. It included $25 million in cash, $51 million in stablecoins, 943.6 million SKY tokens valued at about $58 million, and prefunded warrants for 167.5 million shares. The company then used $70.7 million of the proceeds to purchase an additional 1.09 billion SKY tokens on the open market at an average price of $0.065 per token. Officials stated that more than half of the holdings came from these market buys, with the remainder from the placement deal.