Novabay Pharmaceuticals' shares jumped 19 percent after it announced it would transition into a stablecoin developer, The Block reported on March 23.
The company plans to change its name to Stablecoin Development Corporation and its ticker symbol to SDEV from NBY.
Novabay holds 2.06 billion SKY tokens. SKY, the governance token of Sky Protocol, has recently risen 15 percent and is trading at $0.073.
The company said the strategic shift aims for long-term participation in the cryptocurrency market and that SKY is the only approved digital asset.
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