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
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