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NovaBay Pharmaceuticals
NovaBay Pharmaceuticals (now Stablecoin Development Corporation) is a publicly traded holding company staking Sky Protocol tokens.
NovaBay Pharmaceuticals
NovaBay Pharmaceuticals reincorporated as Stablecoin Development Corporation (SDEV) in 2025, pivoting from drug development to a publicly traded entity focused on the stablecoin ecosystem. The firm's initial and primary holding is the governance token of Sky Protocol, the third-largest stablecoin issuer globally and the largest yield-bearing stablecoin. SDEV describes its strategy as "accumulation, holding, and deployment of operating digital assets" — it acquires protocol-native tokens for staking, governance participation, and validation services, not for short-term trading. The firm held roughly $58M in SKY tokens as part of a $134M strategic financing in 2025 that also included $25M cash and $51M stablecoins. Investors in that round included Tether Investments, Sky Frontier Foundation, R01 Fund LP, and Framework Ventures L.P. SDEV reports its holdings via SEC filings and live market pricing feeds from kscope.io. The company maintains institutional custody with qualified U.S. custodians and prohibits speculative trading, margin, or derivatives without express authorization. SDEV operates from a single office in Emeryville, California. The company does not publicly disclose team size or named executives. A Digital Asset Strategy Advisory Committee oversees its portfolio alongside the board. Tether Investments' participation — Tether reported over $10B net profit in 2025 (per Bloomberg, January 2026) — signals institutional confidence. Sky Protocol generated $338M gross revenue in 2025, with Sky Frontier Foundation projecting $611.5M in 2026. SDEV's structural differentiator is being a publicly traded on-chain holding company — a structure that gives public market investors direct exposure to stablecoin protocol economics without trading the tokens themselves. Unlike centralized issuers that earn from treasury interest, Sky earns from borrowing demand and on-chain fees, and SDEV captures that yield through staking and governance.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Emeryville
Corporate office
—
Sector focus
Frequently asked questions
How does SDEV generate returns?
SDEV generates returns primarily through staking its SKY governance tokens, earning protocol fees from the Sky Protocol's borrowing demand and on-chain activity. The firm also participates in governance decisions that influence Sky's economic parameters. It does not engage in short-term trading or speculation (per company SEC filings).
What is the relationship between NovaBay Pharmaceuticals and Stablecoin Development Corporation?
NovaBay Pharmaceuticals changed its name and business to Stablecoin Development Corporation (SDEV) in 2025. The entity is the same publicly traded company — it pivoted from drug development to becoming a holding company for digital assets. SDEV's ticker symbol likely changed to reflect the new focus.
Is SDEV considered a crypto fund or a family office?
SDEV is a publicly traded asset manager structured as a holding company, not a private fund or family office. Its shares trade on a public exchange, and it reports holdings and operations via SEC filings. It is designed to give public market investors exposure to stablecoin protocol economics.
What safeguards does SDEV have against market volatility?
SDEV prohibits speculative trading, margin, and derivatives without express authorization. It uses qualified U.S. custodians, maintains asset segregation, and separates operating capital from investment holdings. The firm also conducts independent audit reporting and continuously monitors regulatory developments (per company SEC filings).
Who are the key investors behind SDEV?
Major investors in SDEV's $134M strategic financing include Tether Investments, Sky Frontier Foundation, R01 Fund LP, and Framework Ventures L.P. (per company SEC filings). Tether is the largest stablecoin issuer, with over $10B net profit in 2025.
What is SDEV's exit or liquidity strategy for its SKY holdings?
SDEV describes its holdings as long-duration positions — not a trading operation. It has a warrant structure that includes a 10% daily volume cap post-exercise to ensure orderly market behavior. The firm maintains liquidity discipline by keeping operating capital separate.
Does SDEV invest in tokens beyond SKY?
SDEV states its framework is designed to expand into additional protocol-aligned assets and operating opportunities over time. As of the latest disclosures, SKY is its initial and only disclosed holding. The firm explores revenue-generating opportunities such as liquidity provisioning and strategic partnerships across the stablecoin stack.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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