NovaBay transforms into a stablecoin company, sending its stock price soaring 19%.

According to ME News, on March 24 (UTC+8), biotech company NovaBay announced a strategic transformation, changing its name to Stablecoin Development Corporation and entering the digital asset space. Stimulated by this news, the company's stock price rose by approximately 19%. The company plans to change its stock ticker from NBY to SDEV, expected to take effect on April 3. Although the stock price rose to approximately $1.40 that day, it is still down more than 95% year-to-date. At the heart of this transformation, NovaBay disclosed that it holds approximately 2.06 billion SKY tokens, worth approximately $150 million, representing about 8.8% of the total supply. Simultaneously, the company has earned approximately 26.6 million tokens as rewards through a staking mechanism, with returns linked to Sky ecosystem governance parameters and participation levels, rather than simply relying on price increases. This move stems from a $134 million private placement completed in January of this year, with investors including Framework Ventures, Tether Investments, and the Sky Frontier Foundation, demonstrating the rising institutional interest in stablecoin-related infrastructure. (Source: ME)