Tether denies affiliation with Justin Sun-linked stUSDT protocol Tether denies affiliation with Justin Sun-linked stUSDT protocol
Staked Tether (stUSDT) touted several partnerships on its website, including MetaMask, HTX and others.
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Updated: Sep. 15, 2023 at 5:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin issuer Tether (USDT) has stated that it is unaffiliated with the Justin Sun-linked Staked Tether (stUSDT) protocol, according to a statement sent to CryptoSlate.
A Tether spokesperson said:
“stUSDT is an independent project and is not affiliated with Tether.”
This would imply that stUSDT’s claim of partnership with Tether is false.
According to stUSDT’s website, the protocol listed other crypto projects like Justin Sun-linked companies like HTX (formerly Huobi) and JustLend, MetaMask, and TrueUSD (TUSD) as its partners.
stUSDT is the first Real-World Assets (RWA) platform operating on the TRON network, serving as a money market fund. The protocol pays a 4.21% yield to users who stake their stablecoins in return for investing them in real-world assets.
Since its launch, the project has experienced substantial growth in the total value of assets under its custody, which currently stands at around $914 million as of press time. This surge has played a pivotal role in propelling the broader expansion of the decentralized finance (DeFi) subsector focused on RWA.
Meanwhile, stUSDT is under intense scrutiny from the crypto community over its governance and transparency. On-chain data indicates that a segment of stUSDT’s token supply is associated with addresses under the control of Justin Sun.
Furthermore, a closer examination reveals a significant concentration of stUSDT on his HTX platform, with DeFiLlama data suggesting that more than $400 million worth of this asset is held there.
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Posted In: Stablecoins
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.