US pharma firm NovaBay holds 8.78% of SKY supply

U.S.-listed pharmaceutical company NovaBay Pharmaceuticals (NYSE: NBY) has announced its rebranding to Stablecoin Development Corporation (SDEV) and a significant purchase of SKY, the governance token for the Sky protocol. The company now holds approximately 2.06 billion SKY, which accounts for about 8.78% of the total supply, and is also staking its holdings. More than half of the tokens were acquired on the open market at an average price of around $0.065, while the rest were obtained through a financing agreement.