stablecoin company SDEV spends more than $100 million on SKY tokens

According to market news, NovaBay Pharmaceuticals, a Nasdaq-listed pharmaceutical company, has changed its name to Stablecoin Development Corporation (stock code changed from NBY to SDEV), and its business has shifted from medical care to crypto and stablecoin development. The company previously completed private equity financing of approximately US$134 million, with investors including FrameworkVentures and Tether Investments, and the funds raised will be mainly used to increase the holdings of SKY, the governance token of Sky, the decentralized stablecoin agreement. Currently, SDEV holds approximately 2.06 billion SKY units, accounting for approximately 8.78% of the total supply, and has a market value of approximately US$147 million. More than half of them are bought in the secondary market at an average price of approximately US$0.065, and the rest comes from cash and stablecoins in financing considerations. The company has begun to pledge SKY to obtain revenue, and has so far received approximately 26.6 million SKY pledge rewards.