PANews reported on March 23 that, according to CoinDesk , Nasdaq-listed pharmaceutical company NovaBay Pharmaceuticals has changed its name to Stablecoin Development Corporation (stock code changed from NBY to SDEV ), shifting its focus from healthcare to cryptocurrency and stablecoin development. The company previously completed a private placement of approximately $ 134 million, with investors including Framework Ventures and Tether Investments . The funds raised will primarily be used to increase its holdings of SKY, the governance token of the decentralized stablecoin protocol Sky . Currently, SDEV holds approximately 2.06 billion SKY , representing about 8.78% of the total supply, with a market capitalization of approximately $ 147 million. More than half of this was purchased on the secondary market at an average price of approximately $ 0.065 , with the remainder coming from cash and stablecoins from the fundraising proceeds. The company has begun staking SKY to earn rewards, and has so far received approximately 26.6 million SKY staking rewards.