{"id":71699,"date":"2022-12-20T15:11:58","date_gmt":"2022-12-20T13:11:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71699"},"modified":"2025-09-08T10:34:07","modified_gmt":"2025-09-08T07:34:07","slug":"waves-ceo-announces-plan-to-launch-a-new-stablecoin-users-draw-parallels-with-terra","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/waves-ceo-announces-plan-to-launch-a-new-stablecoin-users-draw-parallels-with-terra\/","title":{"rendered":"Waves CEO Announces Plan to Launch a New Stablecoin; Users Draw Parallels with Terra"},"content":{"rendered":"<p>The CEO and founder of Waves Platform, Sasha Ivanov, announced plans to launch a new stablecoin, triggering a storm of negative comments on Twitter.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Two things:<br \/>\u2014 I will launch a new stable coin<br \/>\u2014 There&#8217;s gonna be a <a href=\"https:\/\/twitter.com\/search?q=%24USDN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDN<\/a> situation resolution plan set in motion before.<\/p>\n<p>\u2014 Sasha.waves (@sasha35625) <a href=\"https:\/\/twitter.com\/sasha35625\/status\/1605135291802451969?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Ivanov wrote that he would not disclose additional details about the coin until the issue of decoupling Neutrino USD (USDN) from the dollar\u2019s exchange rate is resolved.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">nothing will be launched or announced until the USDN plan resolution is set in motion<\/p>\n<p>\u2014 Sasha.waves (@sasha35625) <a href=\"https:\/\/twitter.com\/sasha35625\/status\/1605138715021549568?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>He later explained that issuing the stablecoin was necessary to create a \u201cprotocol more attuned to current market conditions.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To avoid misunderstanding: <a href=\"https:\/\/twitter.com\/search?q=%24usdn&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$usdn<\/a> will do fine. <\/p>\n<p>It\u2019s just it\u2019s time to create a protocol more attuned to the current market conditions. It will be easier to stabilize usdn first and launch the new protocol after. <\/p>\n<p>So guys pls save your breath, waves is not going to zero lol.<\/p>\n<p>\u2014 Sasha.waves (@sasha35625) <a href=\"https:\/\/twitter.com\/sasha35625\/status\/1605152617272934402?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Meanwhile, Ivanov assured that with USDN \u201ceverything will be alright\u201d:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSo, guys, please keep your breath, Waves is not going to zero, lol. USDN and the tokens related to it, SURF and NSBT, will live. In this respect, nothing changes.\u201d<\/p>\n<\/blockquote>\n<p>According to the Waves CEO, the new stablecoin could in the long run also help fix the <a href=\"https:\/\/twitter.com\/sasha35625\/status\/1605136795502379008\">problem with the VIRES token<\/a>. In April, Ivanov said that the address linked to Alameda Research borrowed <a href=\"https:\/\/forklog.com\/en\/news\/waves-founder-accuses-alameda-research-of-manipulating-waves-token\"> over 630,000 WAVES tokens <\/a> (about $31 million) through the Vires.Finance platform at around 20% per year.<\/p>\n<p>In the comments, users criticised the launch of the new coin.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p lang=\"en\" dir=\"ltr\">I appreciate your responses, but I still don\u2019t think it\u2019s a good idea to have a new stablecoin. It just emphasizes the failure of USDN. I have years of my savings in VIRES now vested in USDN. Please don\u2019t turn this into another UST\/USTC situation.\u2014 anne (@AnnieDonic) <a href=\"https:\/\/twitter.com\/AnnieDonic\/status\/1605146549352177664?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p>\n<\/blockquote>\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They saw in this a confirmation of USDN\u2019s failure and drew parallels with Terra\u2019s reboot after the devaluation of the algorithmic stablecoin UST and its native token LUNA.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAnd perhaps we\u2019ve had enough of these \u2018new coins\u2019? WEST, SWOP, EGG, WCT, WX\u2026 and a multitude of others. Is this Waves\u2019 business model, proven by time? We\u2019ll roll one coin \u2014 create a new one \u2014 roll a new one \u2014 create another\u2026 Profit!\u201d,<\/p>\n<p> \u2014 <a href=\"https:\/\/twitter.com\/Turugurdun\/status\/1605148487179722752\">one user<\/a><\/p><\/blockquote>\n<p>As of writing, Ivanov continues to participate actively in the thread, not always keeping to the bounds of civility.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/Y1Na99wbcVKQMfhqnkMYnQfXPsEHKhuszSRcYVLkgyGsxotoFQ6RrurQO6gQu6__L2zrum8SLaxBJjWLDI2awyHc2i5G2cstAAY1nctlj9vwXZhMfj-v2MMk5aW9YJElXWoFcnEm2Pmif2jcUW5lTOzErpdTkCre5hB3kZqBUenkSvwO4Uoccyf18-le9g\" alt=\"Waves CEO announces plan to launch a new stablecoin; users drew parallels with Terra\"\/><figcaption>Source: Sasha Ivanov\u2019s Twitter.<\/figcaption><\/figure>\n<p>Requests for comment from ForkLog to the Waves founder went unanswered.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">21 December 2022 | 14:19<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>In a ForkLog comment, the CMO and co\u2011founder of Symbiosis Finance, Nick Avramov, expressed cautious optimism about the announced launch. He said the new coin would stay away from the \u201ctainted history with Alameda and Vires,\u201d and that the team\u2019s experience would prevent the cost of the new asset from decoupling.<\/p>\n<p>Avramov did not agree with the analogy between Waves and Terra.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn Terra\u2019s case the project had already fallen into the so\u2011called death spiral, and in those realities a reboot would not have solved the project\u2019s fundamental problems. Waves\u2019 situation seems somewhat less dire, so even amid short\u2011term discontent from the community a very positive outcome from launching a new stablecoin is possible,\u201d<\/p>\n<p> \u2014 the expert argues.<\/p><\/blockquote>\n<p>Avramov noted that utility for a stablecoin is even more important than for a typical volatile token. Terra\u2019s UST got trapped by high yields in a yield-bearing protocol, even though there was no other major use case.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf Waves manages to build use cases for the new stablecoin beyond lending\/speculation, it could attain a high standing. But time will tell,\u201d<\/p>\n<p> \u2014 he said.<\/p><\/blockquote>\n<\/div>\n<p>Recall that after the algorithmic stablecoin Neutrino USD (USDN) lost parity with the US dollar, the Digital Asset eXchange Alliance, an association of South Korean crypto exchanges, issued <a href=\"https:\/\/forklog.com\/en\/news\/waves-falls-12-as-usdn-loses-peg-to-the-us-dollar\">an investor warning<\/a> about risks linked to the Waves platform.<\/p>\n<p>The WAVES token is used as collateral for USDN. The algorithmic stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/waves-algorithmic-stablecoin-usdn-strengthens-its-detachment-from-the-us-dollar\">lost<\/a> parity with the US dollar at the end of August and has yet to restore its peg.<\/p>\n<p>Recall that in April Ivanov accused Alameda Research <a href=\"https:\/\/forklog.com\/en\/news\/waves-founder-accuses-alameda-research-of-manipulating-waves-token\">of manipulating the WAVES price<\/a> and organizing a <span data-descr=\"Fear, Uncertainty and Doubt \u2014 \u0421\u0442\u0440\u0430\u0445, \u041d\u0435\u0443\u0432\u0435\u0440\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u0438 \u0421\u043e\u043c\u043d\u0435\u043d\u0438\u0435\" class=\"old_tooltip\">FUD<\/span>-campaign to panic-sell the asset.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder and CEO of Waves Platform, Alexander Ivanov, announced plans to launch a new stablecoin, triggering a flood of negative comments on Twitter.<\/p>\n","protected":false},"author":1,"featured_media":71700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[291,807,40,290],"class_list":["post-71699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-sasha-ivanov","tag-stablecoins","tag-twitter","tag-waves"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71699"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71699\/revisions"}],"predecessor-version":[{"id":71701,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71699\/revisions\/71701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71700"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}