On September 16th, Justin Sun unexpectedly minted a significant amount of the stablecoin TrueUSD (TUSD).
Specifically, according to Tronscan, over $815 million was minted directly on the Tron blockchain through a series of 10 different transactions. Each time the money was minted, it was sent to a new address, which then immediately transferred the funds to the Huobi 2 hot wallet. About a week before, Tron had also minted a substantial amount of TUSD.
It was expected that the funds would remain in the Huobi 2 wallet, but instead, this wallet continued to transfer all the funds to another wallet address closely monitored by Justin Sun through nine transactions.
Moreover, this sum of money continued to move to a contract without the “minterproxy” label. Minterproxy then sent 865 million TUSD to another address, where the tokens were burned.
However, the burning of TUSD almost perfectly matched the amount of stUSDT.
Through 10 transactions, 865 million USD worth of stUSDT was transferred to Justin Sun’s wallet address. Afterward, the Tron founder sent these stUSDT tokens to the lending platform JustLend through six different transactions. The amount deposited currently accounts for half of JustLend’s total value locked (TVL) of $1.5 billion USD.
It’s worth noting that Staked Tether (stUSDT) is the first RWA protocol on the TRON network, operating as a currency market fund. Users can earn up to 4.21% annual interest on the USDT stablecoin when investing it in real-world assets.
Since its launch, the project has experienced rapid growth, with TVL reaching $1 billion USD in less than three months. This means that stUSDT holds over 80% of the total value locked in RWA, despite being relatively new compared to competitors like Ondo Finance and others.
As for JustLend, the total value locked (TVL) on the platform has increased by 17% to $4.63 billion USD following the deposits.
Even TrueFi (TRU), considered a sibling coin to TUSD, has benefited from this, recording a 6.7% increase in the past 24 hours. At the time of writing, TRU is trading around $0.0356 USD.