NovaBay Pharmaceuticals has rebranded to Stablecoin Development Corp after raising and deploying $134 million into 2.06 billion SKY tokens, about 8.78% of circulating supply. The move highlights rising corporate interest in crypto treasury strategies while raising governance, liquidity, and regulatory concerns.

NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation after a $134 million private placement. The firm now holds about 2.06 billion SKY tokens, or 8.78% of total supply, and has begun staking to earn rewards.