On March 23, 2026, NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) announced a strategic rebranding to Stablecoin Development Corporation (NYSE American: SDEV), effective April 3, 2026. This name change reflects the company's shift towards a focus on digital assets, particularly within the stablecoin economy. The company disclosed that it currently holds approximately 2.06 billion SKY tokens, representing about 8.78% of the total supply of SKY. This acquisition aligns with their strategy to engage in on-chain activities, including staking, which has generated approximately 26.6 million SKY tokens in cumulative staking rewards since the commencement of these activities. The rebranding and significant token holdings position SDEV as a key player in the rapidly evolving digital finance landscape. The company aims to leverage its substantial holdings and staking rewards to capitalize on the growing demand for stablecoins, which are increasingly recognized as vital components of global digital financial infrastructure. CEO Michael Kazley emphasized the company's commitment to building a premier public market vehicle to access cash flows within the stablecoin economy, highlighting the strategic importance of their holdings in SKY tokens. The transition to SDEV is expected to enhance the company's visibility and attract institutional interest in its digital asset initiatives.

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