Waves Founder Took on Over $530M in Debt in Vires Finance to Avoid $USDN Depeg

According to Blockworks, Sasha Ivanov, the founder of Waves chain and stablecoin $USDN, has taken on more than $530m in bad debt in Vires Finance, a lending protocol on Waves, and has pledged to slowly liquidate the debt without causing $USDN to depeg. Ivanov's debt accrues more than half a million dollars in daily interest. It's said that Waves is actively searching for outside lenders to inject liquidity into Vires and help Ivanov pay down his debt.
Source

Waves

Stablecoins

Lending

DeFi

In This Article

Related News
Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Total stablecoin market cap tops $200 billion as onchain lending yields surge Total stablecoin market cap tops $200 billion as onchain lending yields surge
Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51 Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51
Arijit Sarkar Arijit Sarkar 2 hours ago Crypto lender Polter Finance halts operations after $12M hack Arijit Sarkar Arijit Sarkar 2 hours ago Crypto lender Polter Finance halts operations after $12M hack
Latest News More More
7 Hours Ago 0xbow unveils ‘Privacy Pools,’ a new blockchain privacy tool drawing from Vitalik Buterin’s research
5 Days Ago Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
5 Days Ago MEXC Extends DEX+ Platform to Binance Smart Chain Users
March 25 Binance suspends employee for allegedly profiting off of insider information
March 25 BlackRock launches bitcoin ETP in Europe following US success
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open