Novabay shares jump 18.97% after-hours as rebrand to Stablecoin Development and $134M investment drive SKY token acquisition.

Novabay Pharmaceuticals (NBY) surged 18.97% in after-hours trading following its rebranding to Stablecoin Development Corporation and a $134 million investment from R01 Fund, Framework Ventures, Tether Investments, and Sky Frontier Foundation. The company disclosed holding 2.06 billion SKY tokens (8.78% of total supply) and earning 26.6 million in staking rewards, signaling a strategic pivot to digital assets and protocol-level economic participation in the Sky protocol ecosystem. The institutional backing, particularly from Tether, a major stablecoin issuer, and the adoption of an on-chain holding company model underscored growing institutional interest in stablecoin infrastructure, boosting investor confidence. The rebranding and token accumulation, combined with long-duration staking strategies and governance influence, positioned SDEV as a public vehicle for accessing stablecoin-driven cash flows, directly driving the sharp after-hours rally.