Justin Sun-advised Huobi controls 85% of 'decentralized' stUSDT
Staked Tether (stUSDT) is a token recently launched on Tron that claims to offer the ability to “unlock yields in real-world assets.” Users can deposit their TRC-20 USDT on the platform and then receive yield from the efforts of the stUSDT platform, which uses the USDT to ‘invest’ in assets. Currently, there’s about $213 million stUSDT — $180 million of which is held on Huobi. stUSDT is a rebasing token that pays users with additional tokens to represent their yield from the investments; it’s currently paying a “welcome campaign” APY of 10%. At press time, the website doesn’t list any of its investments. Purportedly, these are managed by the ‘RWA DAO,’ though Protos was unable to identify any decentralized and autonomous structure governing this platform. This is done in collaboration with the JustLend DAO, another Tron-based project, as part of a ‘custody agreement.’ Once again, we were unable to ...