Gate News: On March 23, the U.S.-listed pharmaceutical company NovaBay Pharmaceuticals announced it has changed its name to Stablecoin Development Corporation. Its stock ticker has been changed from NBY to SDEV, and its business focus has shifted from the medical field to cryptocurrency and stablecoin development. The company previously completed a private placement of $134 million, receiving approximately 944 million SKY tokens (worth about $58 million), $25 million in cash, and $51 million in stablecoins. Subsequently, the company used the funds raised to purchase an additional approximately 1.09 billion SKY tokens on the secondary market at an average price of about $0.065, spending a total of $70.7 million. As of March 16, the company held about 2.06 billion SKY tokens, accounting for 8.78% of the total supply, with a market value of approximately $147 million, and had earned about 26.6 million SKY tokens in staking rewards through on-chain staking. SKY is the governance token of the decentralized finance platform Sky Protocol (formerly MakerDAO), with a total supply of approximately 23.46 billion tokens, and an current staking annual yield of over 10%.
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