NovaBay Pharmaceuticals

What NovaBay Pharmaceuticals does

Stablecoin Development Corporation (NYSE American: SDEV), formerly NovaBay Pharmaceuticals, is a publicly traded on-chain holding company focused on the stablecoin ecosystem. The company was founded in 2000 as a pharmaceutical firm developing eye-care and wound-care products, but executed a complete strategic pivot in early 2026, rebranding from NovaBay and deploying $134 million of capital into approximately 2.06 billion SKY tokens — equivalent to 8.78% of total SKY supply — within the Sky Protocol ecosystem (formerly MakerDAO). SDEV generates economic returns through on-chain staking of its SKY holdings (earning approximately 26.6 million additional SKY tokens to date) and through participation in protocol governance processes that influence key economic parameters such as the Sky staking rate and PSM liquidity.

SDEV's core technology and product surface centers on SKY token holdings, USDS stablecoin ecosystem exposure (USDS is the #3 global stablecoin and the largest yield-bearing stablecoin at $9.2 billion supply, +74% year-over-year in 2025), staking rewards, and a pre-funded warrant structure totaling 837,696,130 shares with a 9.9-month weighted-average exercise delay and a 10% daily volume cap post-exercise. The corporate headquarters is located at 2000 Powell Street, Suite 1150, Emeryville, California, with Equiniti Trust Company, LLC serving as transfer agent and Virtu Americas LLC as ATM sales agent.

The business model is best characterized as an institutional-grade public-market vehicle for the stablecoin economy. SDEV targets institutional digital asset investors seeking regulated, equity-style exposure to Sky Protocol economics — historically inaccessible through public markets. Revenue mechanics are usage-based, derived from staking rewards on SKY holdings and, indirectly, from value capture tied to Sky Protocol fee generation ($338 million in 2025 gross revenue, projected $611.5 million in 2026). Capital deployment occurs through strategic private placements and the $100 million ATM facility, while distribution is exclusively via NYSE American public equity trading under the SDEV ticker.

Name

NovaBay Pharmaceuticals

Legal name

Stablecoin Development Corporation

Website

https://novabay.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Stablecoin Development Corporation (NYSE American: SDEV), formerly NovaBay Pharmaceuticals, is an on-chain holding company that acquires and stakes SKY tokens within the Sky Protocol ecosystem. It serves institutional digital asset investors seeking public market exposure to the stablecoin economy through a regulated equity vehicle.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury & Stablecoin Investment Vehicle

NAICS

Miscellaneous Financial Investment Activities (523999)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

akta.pro secondary industries

Stablecoin Protocols (Decentralized) (FSADAMAD), Stablecoin Issuers (Fiat-Backed) (FSADADAA)

Keywords

• Stablecoin treasury
• Digital asset holdings
• SKY token staking
• Crypto investment vehicle
• Protocol governance

Headquarters

HQ city

Emeryville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Staking Rewards: Earns SKY tokens through on-chain staking of its Sky protocol holdings. The company participates in protocol governance and earns yield from stablecoin savings rates.
2. Protocol Fee Participation: Sky Protocol generated $338 million in gross protocol revenue in 2025. SDEV participates in governance processes that influence economic parameters and benefits from protocol growth.
3. Strategic Token Holdings: Long-duration holding of SKY tokens with unrealized gains/losses based on market price fluctuations. Current market value derived from SKY price multiplied by token holdings.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Stablecoin Development Corporation (formerly NovaBay Pharmaceuticals, NYSE American: SDEV) operates as a publicly traded on-chain holding company focused on the stablecoin ecosystem. The company's primary holdings consist of approximately 2.06 billion SKY tokens representing 8.78% of total supply, deployed through staking and participation in Sky Protocol governance to generate yield and protocol fee revenue.

Product overview

Stablecoin Development Corporation (formerly NovaBay Pharmaceuticals, ticker SDEV) operates as an on-chain holding company focused on the stablecoin ecosystem, beginning with a strategic position in Sky Protocol. The company's portfolio consists of SKY token holdings (approximately 2.06 billion tokens representing 8.8% of total supply), participation in the USDS stablecoin ecosystem through staking and governance, and associated financial instruments including pre-funded warrants. The framework is designed to expand into additional protocol-aligned assets and operating opportunities over time.

Differentiator

Problem solved

Functional benefit

Products and services

• SKY Token Holdings
• USDS Stablecoin Ecosystem Participation
• Pre-funded Warrants
• SKY Staking Rewards

Quantifiable outcome

• Sky Protocol generated $338M in gross protocol revenue in 2025 with 81% growth projected to $611.5M in 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Equiniti Trust Company LLCminorOthersTransfer agent and registrar for SDEV common stock. Provides standard U.S. postal mail, overnight/express delivery, and DWAC instructions for stock transfer services.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MicroStrategy: Pioneer of the corporate digital-asset treasury model, holding hundreds of thousands of BTC on its balance sheet and using capital-markets instruments (notes, equity, ATM) to acquire more. SDEV applies the same playbook — using equity and warrants to acquire and compound a single crypto asset position — but targets SKY governance tokens in the stablecoin ecosystem rather than BTC.
• BitMine Immersion Technologies: Recently rebranded small-cap public company operating as an on-chain treasury vehicle, accumulating a large position in a single DeFi token (similar in concept to SDEV's SKY strategy). Closest structural analog: publicly traded holding-company chassis repurposed for concentrated crypto-asset accumulation and governance participation.
• MARA Holdings: Public crypto-treasury and Bitcoin-mining company that combines operating cash flow with a large corporate BTC position funded through equity and convertible debt. Comparable to SDEV in deploying capital markets (ATM offerings, private placements) to build a sizable digital-asset position on a public-equity platform.

Broad incumbents

• Coinbase Global: Largest U.S.-listed crypto exchange and custody provider; offers regulated exposure to the broader digital-asset and stablecoin economy including USDC reserves. Overlaps with SDEV in providing institutional-grade rails for stablecoin ecosystem participation, though via an exchange/custody model rather than treasury holdings.
• Circle Internet Group: Issuer of USDC, the #2 global stablecoin. As a fiat-backed stablecoin issuer competing in the same category as USDS (SDEV's underlying protocol), Circle represents the most direct commercial comparable for the asset class SDEV is exposed to via its SKY holdings.
• Tether Investments: Parent of Tether (USDT), the world's largest stablecoin and a key strategic investor in SDEV's $134M private placement. Operates the dominant fiat-backed stablecoin issuer business and is deeply relevant to SDEV's ecosystem, both as a capital partner and as the benchmark for stablecoin economics.
• Galaxy Digital: Public, diversified crypto financial-services firm spanning asset management, trading, and principal investments. Comparable to SDEV as a publicly traded vehicle offering institutional investors regulated exposure to digital-asset markets, though via a broader financial-services platform rather than a single-asset treasury.

Emerging players

• Hut 8: Public digital-asset infrastructure company building a corporate crypto treasury alongside its core operations. Comparable to SDEV in using public equity to accumulate and manage digital-asset positions, though with a heavier emphasis on Bitcoin and infrastructure vs. SDEV's protocol-governance thesis.

Others

• Block, Inc. Public fintech holding significant Bitcoin on its corporate balance sheet and operating Cash App with stablecoin-adjacent payment rails. Relevant as a public-equity proxy for crypto exposure and an example of corporate treasury deployment into digital assets, though with a much broader operating business beyond holdings.
• Framework Ventures: Dedicated Web3 venture fund that co-led SDEV's $134M private placement. Comparable as a sophisticated crypto-native capital allocator with deep DeFi protocol relationships, illustrating the type of institutional counterparty underwriting SDEV's treasury strategy and a potential source of co-investment and pipeline opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NovaBay
• Facebookfacebook.com/novabaypharma
• LinkedInlinkedin.com/company/novabay-pharmaceuticals

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds17 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NovaBay Pharmaceuticals