NovaBay Pharmaceuticals, Inc. (NYSE:NBY) announced Monday its corporate name change to Stablecoin Development Corporation, signaling a full shift toward a cryptocurrency-focused strategy.

From Pharms To Crypto

The biotech firm will also adopt a new ticker symbol, SDEV, which is expected to take effect on April 3, according to the press release.

The company’s CEO, Michael Kazley, stated, “The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance.”

The firm has pivoted from a pharmaceutical focus to become an “on-chain holding company,” focusing on long-haul bets in protocol-level cryptocurrency ecosystems.

NovaBay holds 2.06 billion Sky (CRYPTO: SKY) tokens, the governance token of the Sky ecosystem, formerly called MakerDAO. It also earned roughly 26.6 million SKY tokens in cumulative staking rewards since commencing on-chain staking activities.

The Sky ecosystem operates with USDS (CRYPTO: USDS), a yield-bearing, dollar-pegged stablecoin and the SKY governance token.

Price Action: At the time of writing, SKY was exchanging hands at $0.07204, up 5.21% in the last 24 hours, according to data from Benzinga Pro.

NovaBay shares fell 0.12% in after-hours trading after closing 18.97% higher during Monday’s regular trading session. Year-to-date, the stock has plunged 95%.

NBY showed weak price trends across short, medium, and long terms, according to Benzinga’s Edge Stock Rankings.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo: Bukhta Yurii / Shutterstock