According to a statement given, stablecoin issuer Tether (USDT) has claimed that it is unaffiliated with the Justin Sun-linked Staked Tether (stUSDT) system.
According to a Tether representative:
“stUSDT is an independent project and is not affiliated with Tether.”
This implies that stUSDT’s claim of collaboration with Tether is bogus.
According to the protocol’s website, the protocol’s partners include Justin Sun-linked companies.
Now such as HTX (previously Huobi) and JustLend, MetaMask, and TrueUSD (TUSD).
stUSDT is the first Real-World Assets (RWA) platform to function as a money market fund on the TRON network.
Users that stake their stablecoins in exchange for investing them in real-world assets receive a 4.21% dividend via the protocol.
Since its inception, the project has seen a significant increase in the overall value of assets.
Under its custody, which is now estimated to be around $914 million as of press time.
This increase has been critical in fueling the larger expansion of the RWA-focused DeFi subsector.
Meanwhile, the crypto world is closely scrutinising stUSDT’s governance and transparency.
According to on-chain data, a portion of the stUSDT token supply is associated with addresses controlled by Justin Sun.
A closer look finds a substantial concentration of stUSDT on his HTX platform, with DeFiLlama statistics indicating that over $400 million in this asset is stored there.
To read our blog on “JP Morgan thinks of launching new blockchain settlement coin,” click here
