Biotechnology company NovaBay changed its name to Stablecoin Development Corporation, and its stock price surged 19%.

CoinFeed reported on March 24th that, according to The Block, shares of biotechnology company NovaBay Pharmaceuticals rose 19% on March 23rd after the company announced its name change to Stablecoin Development Corporation, with the stock ticker changing from NBY to SDEV. Trading is expected to begin on April 3rd. The company is strategically shifting its focus to digital assets within the Sky ecosystem. As of March 16th, it held approximately 2.06 billion SKY tokens, worth about $150 million, representing 8.8% of the total supply, and had earned approximately 26.6 million tokens as rewards through its staking program.