Stablecoin Development Corporation
SDEVOn-chain holding company providing public market access to stablecoin economy
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About Stablecoin Development Corporation
Stablecoin Development Corporation (NYSE: SDEV) is a publicly listed on-chain holding company focused on the Sky Protocol ecosystem, with SKY tokens as its core asset. Its business model is straightforward: it acquires SKY tokens through open-market purchases and staking rewards, then participates in protocol governance and staking to earn income. As of June 30, 2026, SDEV held approximately 2.29 billion SKY tokens, representing about 10% of total supply, with the majority deployed in staking. The company reported $2.2 million in staking revenue for Q2 2026, offsetting its cash operating expenses.
Its core value proposition is providing traditional investors with compliant, familiar access to the stablecoin economy without needing to manage crypto wallets or navigate technical complexities. As a publicly traded entity, it offers transparency through SEC filings and audited financials, bridging the gap between decentralized finance and regulated capital markets.
The market pain point it addresses is the high barrier to entry for institutional and retail investors seeking exposure to protocol-level economic activity in the stablecoin sector, which typically requires technical expertise and carries operational risks. SDEV packages this exposure into a conventional equity vehicle.
In the past six months (February to August 2026), SDEV completed its corporate name change from NovaBay Pharmaceuticals and began trading under the SDEV ticker on NYSE American in April. The company relocated its headquarters to West Palm Beach, Florida, and eliminated all warrant liabilities. It grew its SKY position by approximately 1.17 billion tokens through open-market purchases at an average price of $0.065 per token. However, due to SKY price declines, the company recorded a $50.6 million unrealized loss in Q2, though no tokens were sold. The company continues to emphasize disciplined treasury management and long-term engagement with the Sky ecosystem.
Stablecoin Development Corporation (NYSE: SDEV), formerly NovaBay Pharmaceuticals, completed a strategic transformation into an on-chain holding company in early 2026. Key milestones include: (1) The January 2026 private placement raising ~$134 million via pre-funded warrants, followed by open-market accumulation of SKY tokens, reaching ~2.29 billion tokens (approx. 10% of total supply) by June 30, 2026, with a cost basis of $147.2 million. (2) The June 2026 cashless exercise of all outstanding warrants, eliminating warrant liabilities and simplifying the capital structure. (3) Relocation of headquarters to West Palm Beach, Florida in July 2026, reducing fixed costs. (4) Active participation in Sky protocol's staking program, earning 31.7 million SKY tokens in Q2 2026 as staking rewards. The company maintains a long-term holding strategy focused on protocol-aligned digital assets, with Sky reserves growing to $82.5 million and USDS supply reaching $10 billion by mid-2026.
Stablecoin Development Corporation's Q2 2026 report shows staking revenue of $2.2M, a non-cash unrealized loss on digital assets of $50.6M, and an operating loss of $53.8M. H1 2026 staking revenue was $4.7M with an operating loss of $31.6M. Net loss for Q2 was $41.1M, while H1 GAAP net income was $511.3M, driven by non-cash warrant fair value gains. The company's cash position remains sufficient for at least 12 months, but the core business still faces losses, and the reported profit is largely non-cash.
Michael Kazley (Chief Executive Officer) Tommy Law (Chief Financial Officer)
No reliable biographical details are available for the co-founders or other executives.