Recently, the community questioned the decline of Huobi's asset reserves and the use of stUSDT's funds. Huobi responded the data website did not update the stUSDT address and showed the Bank Statements for purchasing bonds, as of Aug 6, Huobi had purchased 432m + 72m of liquid assets.
The purchase path is: from the Huobi cold wallet TDToUxX8sH4z6moQpK3ZLAN24eupu2ivA4 staked USDT in exchange for stUSDT, and USDT eventually flowed to Binance and Bitfinex through JustLend to be traded as TUSD and USDC, and then redeemed for US dollars for treasury bond purchases.
Related: DeFi Analyst Raising Concern about Huobi Solvency, Citing Misuse of $USDT Asset
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