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NovaBay Pivots To Stablecoins, Supports Sky Ecosystem
Former Pharmaceutical company NovaBay has announced its pivot to a new strategic direction in the stablecoin space.
New companies are entering and being formed around the stablecoin narrative as stablecoin issuer SKY sees more backers for its broader product offerings (Dmitry Vechoroko / Unsplash)
NovaBay has pivoted to stablecoins.
The former pharmaceutical company has announced a strategic roadmap to back the rise of stablecoins. In particular, it is doubling down on its involvement in a private initiative to support the Sky ecosystem in collaboration with Framework Ventures and other participants.
CEO Michael Kazley expressed:
“We are building the premier public market vehicle to access cash flows within the growing stablecoin economy. The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance."
It currently holds around 2B SKY tokens, with 26M already earned in staking rewards. Also, NovaBay has revealed that it will be changing its official name to the Stablecoin Development Corporation, with a new public ticker SDEV proposed for the New York Stock Exchange (NYSE).
Sky's ecosystem is broad and includes both USDS (SKY Dollar) and DAI stablecoins, featuring a combined supply currently reported at 11.6B. Users who choose to make onchain deposits in the USDS stablecoin can receive rewards in the Sky Token, with $600M+ already staked.
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