TechFlow News, March 24: According to The Block, small-cap biotech company NovaBay Pharmaceuticals announced it will change its name to Stablecoin Development Corporation, and its stock ticker will change from NBY to SDEV. The new ticker is expected to begin trading on April 3. Following the announcement, the company’s share price surged 19% in a single day to approximately $1.40—though it remains down over 95% year-to-date.
The company disclosed that, as of March 16, it held approximately 2.06 billion SKY tokens, valued at roughly $150 million—about 8.8% of the total supply—and had accumulated approximately 26.6 million tokens in staking rewards. SKY is the governance token of the Sky Protocol, rebranded under the MakerDAO ecosystem.
This token holding stems from a $134 million private placement completed in January, with investors including Framework Ventures, Tether Investments, and the Sky Frontier Foundation. The company positions itself as an “on-chain holding company,” focusing primarily on long-term participation in protocol-layer activities; SKY is currently the sole digital asset approved under its framework.
