Biotechnology company NovaBay changed its name to Stablecoin Development Corporation, and its stock price surged 19%.

PANews reported on March 24th that, according to The Block, shares of biotechnology company NovaBay Pharmaceuticals rose 19% on March 23rd after the company announced its name change to Stablecoin Development Corporation, with the stock ticker changing from NBY to SDEV. Trading is expected to begin on April 3rd. The company is strategically shifting its focus to digital assets within the Sky ecosystem. As of March 16th, it held approximately 2.06 billion SKY tokens, worth about $150 million, representing 8.8% of the total supply, and had earned approximately 26.6 million tokens as rewards through its staking program.

NovaBay's transformation began in January of this year when the company completed a $134 million private funding round supported by investors including Framework Ventures, Tether Investments, and the Sky Frontier Foundation, and began allocating capital to the SKY token. The company describes its strategy as an "on-chain holding company" model, focusing on long-term participation in protocol-layer activities.