According to Bloomberg, a knowledgeable source has revealed that institutional clients such as cryptocurrency funds and market makers have reached out to Huobi (HTX) expressing concerns about the dominant position of stUSDT and other tokens related to Justin Sun in Huobi's reserves.
Shortly after the launch of stUSDT, they withdrew a significant portion of their assets from the exchange. Following these withdrawals, they now account for approximately 15% of Huobi's average daily trading volume.
Huobi Responded the Asset Reserve and stUSDT Fund Usage Concern
The cryptocurrency community had previously raised questions about Huobi's asset reserves and the use of funds related to stUSDT.
stUSDT is an RWA project launched by the Tron team in early July and is operated by JustLend. It is obtained through pledging USDT and currently has a Total Value Locked (TVL) exceeding $1.8 billion, making it the largest DeFi protocol in the RWA sector to date.
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