NovaBay Pharmaceuticals (NBY) — a nanocap with a market capitalization of about $30 million — has renamed itself Stablecoin Development Corporation and changed its ticker to SDEV, marking a full shift from healthcare to crypto.

This follows a $134 million private placement backed by firms including Framework Ventures and Tether Investments, the company said.

The firm is using those funds to build a large position in SKY, the governance token tied to the Sky protocol, a decentralized finance protocol that issues the cryptocurrency-backed dollar-pegged stablecoin USDS..

The company currently holds about 2.06 billion SKY tokens, roughly 8.78% of the total supply, worth around $147 million. It acquired over half of that on the open market…