Tether’s March investment of $134 million in struggling biopharmaceutical firm NovaBay reshaped the New York Stock Exchange-listed company into a stablecoin holding vehicle, according to Protos. After the deal, NovaBay was renamed Stablecoin Development Corporat and used to buy and stake a sizable position in USDS, the decentralized stablecoin previously known as MakerDAO. The company’s website said the transaction would give Tether and USDS access to public markets, open participation in markets such as mortgage and prime brokerage lending, and support new partnerships. It also projected that the stablecoin market would grow from about $300 billion to $1 trillion within a year and a half and forecast 81% year-over-year revenue growth for USDS. Protos says those expectations have not materialized. The stock briefly rose from $1.30 to nearly $2.00 in early April after the announcement, but had fallen back to $1.00 at the time of writing. The report also questioned the backgrounds of the company’s executives and directors, including CEO Michael Kazley, CFO Tommy Law, COO Henry Blynn, and several board members whose experience appears rooted outside crypto and stablecoins.

Nasdaq-listed Stablecoin Development Corp (formerly NovaBay Pharmaceuticals) has invested over $100M in SKY tokens, acquiring 8.78% of total supply. Backed by Framework Ventures and Tether, the firm has started staking its holdings to earn rewards.

NovaBay Pharmaceuticals acquires 2.06 billion SKY tokens (8.78% supply) and rebrands as Stablecoin Development Corporation, marking a rare pharma-to-crypto pivot. Market reaction shows 300% volume surge and 15% price increase.

NYSE-listed NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation after acquiring about 2.06 billion SKY tokens, equal to 8.78% of total supply, marking a dramatic shift from pharma to crypto governance and stablecoin infrastructure.

U.S.-listed NovaBay Pharmaceuticals acquired 2.06 billion SKY tokens (8.78% of total supply) and rebranded to Stablecoin Development Corporation, marking a rare pharma-to-crypto pivot that grants significant governance influence in the Sky protocol.

US-listed pharmaceutical firm NovaBay acquires 2.06 billion SKY tokens (8.78% of supply) and rebrands to Stablecoin Development Corporation, marking a direct Pharma-to-Crypto pivot. SKY token price surges 15% on the news.

NovaBay Pharmaceuticals, now Stablecoin Development Corporation (SDEV), acquired ~2.06 billion SKY tokens (8.78% of supply) for over $130M, pivoting from pharma to blockchain. The move marks a rare direct governance token acquisition by a NYSE-listed firm, sparking market rally and DeFi governance debates.

U.S.-listed NovaBay Pharmaceuticals acquires 8.78% of SKY tokens, rebrands to Stablecoin Development Corporation, marking a major pharma-to-crypto pivot.