NovaBay Pharmaceuticals just made a dramatic shift — rebranding itself as Stablecoin Development Corporation and pivoting fully into crypto. The move immediately caught investor attention, sending its stock up nearly 19% as the company signaled strong conviction in the future of stablecoins.

With plans to tap into stablecoin-driven cash flows and build around digital asset ecosystems, this marks another example of a traditional company reinventing itself through crypto. But with markets cooling, the real question is whether this pivot is visionary — or simply a high-risk bet to stay relevant.