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.