Sky protocol shows a SKY staking rate above 10%, with SKY trading around a modest gain year-to-date despite broader market movements.

NovaBay Pharmaceuticals has rebranded and pivoted to Stablecoin Development Corporation (SDEV), shifting its focus from healthcare to crypto and adopting the ticker SDEV, with the new symbol expected to begin trading in early April.

Under a January private placement, the company raised about $134 million and received 943,599,689 SKY tokens plus $25 million in cash and $51 million in stablecoins, later adding roughly 1.09 billion SKY tokens on the open market for $70.7 million at an average price near $0.065 per SKY.

The pivot positions SDEV as an on-chain holding company focused on long-duration participation in protocol-level activity, with SKY as the initial core asset and governance token for the Sky protocol, which issues the USDS stablecoin.

SDEV reports a significant SKY stake of about 2.06 billion SKY tokens, representing roughly 8.8% of the SKY supply, and an active staking program that has earned about 26.6 million SKY in rewards.

The move marks a strategic shift away from healthcare toward crypto, with ongoing governance and regulatory considerations implied by token-centric ownership and milestones.

Stablecoins are drawing increasing attention from investors and policymakers, with lawmakers nearing an agreement in principle on stablecoin yield in broader crypto legislation.

Disclaimer notes that content includes third-party opinions and editorial cautions related to investments.

SDEV emphasizes governance, risk management, and compliance across its on-chain activities, with institutional participation from players like Tether Investments.

Public disclosures will continue through SEC filings, the company website, press releases, conference calls, and social channels.

The private placement drew participation from notable investors including Framework Ventures, Tether Investments, and Sky Frontier Foundation, underpinning the on-chain holding company model and funding a crypto-focused strategy.

Total proceeds from the private placement were about $134 million, enabling SDEV to fund its strategy around SKY and on-chain ecosystem participation.