Eyecare biotech jumps 19% after stablecoin-focused rebrand

NovaBay Pharmaceuticals was founded in 2000 as a biopharmaceutical company developing eye care products and is now betting big on the Sky protocol and stablecoins.

Shares in NovaBay Pharmaceuticals jumped nearly 19% after the company announced it would change its name to Stablecoin Development Corporation as part of its strategic crypto pivot.

NovaBay Pharmaceuticals CEO Michael Kazley said in a statement on Monday that the company’s plan going forward is 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,” he said.

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