**WEST PALM BEACH, Fla. : ** Stablecoin Development Corporation has relocated its principal executive offices from Emeryville, California, to the Esperanté Corporate Center in downtown West Palm Beach.
The relocation took effect July 1, 2026, following the early termination of the company’s lease at 2000 Powell Street, Suite 1150, in Emeryville. Stablecoin Development now lists its headquarters at 222 Lakeview Avenue, Suite 800, West Palm Beach, Florida 33401.
The company disclosed the move in its second-quarter filings and financial results. Management said the relocation eliminates the company’s prior operating lease obligation and reduces its fixed-cost base.
The move comes as Stablecoin Development continues its transition from its former identity as NovaBay Pharmaceuticals into a publicly traded digital-asset company focused on the stablecoin economy and the Sky Protocol ecosystem.
Company cites lower costs for relocation
Stablecoin Development’s second-quarter report describes the West Palm Beach move primarily as a cost-management decision.
The company ended its California office lease on June 30, one day before the relocation became effective. According to the company’s second-quarter financial results, the change reduces ongoing occupancy costs and aligns the company’s physical office footprint with its current operating model.
Chief Executive Officer and Chairman Michael Kazley referenced the relocation while discussing the company’s quarterly results.
“During the quarter we added to our SKY position through both open-market purchases and staking rewards, eliminated all remaining warrant liabilities to simplify our capital structure, and relocated our headquarters to West Palm Beach to lower our cost base,” Kazley said in the company’s July 31 announcement.
The filing does not describe the move as a major expansion of staffing or office capacity. Instead, the language centers on eliminating a legacy lease and maintaining a leaner fixed-cost structure.
New headquarters at Esperanté Corporate Center
The Esperanté Corporate Center is a prominent office property at the intersection of West Palm Beach’s downtown business district and the Flagler waterfront.
The building is known for its distinctive pyramid-shaped roof, which has been illuminated with color-changing LED fixtures. It offers views of the Atlantic Ocean and surrounding downtown area, according to a property profile from Color Kinetics, which documented the tower’s exterior lighting project.
The property has also undergone renovations and repositioning efforts in recent years. Commercial real estate publication Commercial Observer reported in February that a joint venture associated with Related Ross secured $145 million in refinancing for the building. The publication identified the property as a 256,000-square-foot office center at 222 Lakeview Avenue, with tenants including Bank of America, Balyasny Asset Management and Blue Sea Capital.
Stablecoin Development’s suite is listed as its principal executive office rather than as a public-facing retail or customer-service location. The company’s investor-relations page lists its West Palm Beach office number as (561) 206-4345.
The company’s investor-relations overview and contact page now identify West Palm Beach as its corporate location.
Move follows shift from pharmaceuticals to digital assets
Stablecoin Development was formerly known as NovaBay Pharmaceuticals, a company associated with eyecare, skincare and wound-care products.
The business has since adopted a digital-asset strategy and now trades on the NYSE American under the ticker SDEV. The company describes itself as an on-chain holding company focused on long-term participation in protocol-aligned digital-asset ecosystems and public-market access to the stablecoin economy.
Its principal digital-asset focus is the Sky Protocol ecosystem. SKY is the protocol’s governance token, while the broader ecosystem includes USDS, a decentralized stablecoin designed to maintain a soft peg to the U.S. dollar.
The change in headquarters follows that broader corporate transformation. California had been associated with the company’s previous operating structure, while the new West Palm Beach address places its executive office in a market that has attracted financial-services firms, investment managers and technology companies.
Second-quarter results reflect digital-asset volatility
The relocation was disclosed alongside financial results that demonstrate the volatility of the company’s new business model.
For the quarter ended June 30, Stablecoin Development reported:
- $2.2 million in staking revenue
- $50.6 million in non-cash unrealized losses on digital assets
- $53.8 million in operating losses
- $41.1 million in net losses
- $7 million in cash and cash equivalents
- $119.2 million in digital assets measured at fair value
The company said the quarterly digital-asset loss resulted from a decline in the market price of SKY. It characterized the loss as non-cash and said it did not sell or otherwise dispose of SKY tokens during the quarter.
As of June 30, Stablecoin Development held 2,286,511,374 SKY tokens, representing approximately 10% of the total SKY supply. The company reported that substantially all of its holdings remained staked in the Sky Protocol.
The company also said it earned more than 31.7 million SKY tokens in staking rewards during the quarter. Because the rewards are received in tokens, the company’s staking revenue does not necessarily represent cash proceeds unless those assets are sold or otherwise monetized.
By July 27, the company said its SKY holdings had increased to approximately 2.296 billion tokens through staking rewards, with no additional purchases or sales reported during that period. Those figures were unaudited and subject to market fluctuations.
West Palm Beach becomes part of the company’s next phase
The headquarters move is the latest operational step in Stablecoin Development’s rebrand and strategic pivot.
The company completed the cashless exercise of its remaining October 2025 pre-funded warrants on June 15, issuing approximately 22.6 million shares and eliminating the remaining warrant liabilities from its balance sheet. It also began trading on the NYSE American as Stablecoin Development Corporation in April.
The company’s presence at Esperanté adds another digital-asset-focused business to a West Palm Beach office market that has increasingly positioned itself as a South Florida center for finance and investment activity. The relocation also places Stablecoin Development near other major office properties and financial firms in the city’s central business district.
For now, however, the company’s stated rationale remains straightforward: terminate its California lease, reduce fixed expenses and operate from a West Palm Beach headquarters that reflects its current digital-asset strategy.
Stablecoin Development’s regulatory disclosures are available through the U.S. Securities and Exchange Commission, while company announcements and investor materials are posted on its investor-relations website.
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