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Recent Activity of Justin Sun, Founder of TRON Blockchain
Justin Sun, the mastermind behind the TRON blockchain, has made headlines in the cryptocurrency industry. He created a staggering $815 million in TrueUSD (TUSD), a stablecoin that has previously experienced limited success. This impressive feat involved a series of 10 transactions carried out from multiple addresses, all within a single day.
Interesting Chain of Events
Following the minting process, Sun immediately transferred these TUSD coins to an HTX wallet (previously known as Huobi). He then proceeded to exchange these coins for $865 million worth of stUSDT tokens, another variant of stablecoin. All these tokens were subsequently directed into JustLend, a decentralized finance (DeFi) platform based on the TRON blockchain.
Raising Concerns and Seeking Clarity
Sun’s actions have triggered a sense of urgency and skepticism among industry experts. The primary question being asked is, “Are these stablecoins fully backed by collateral?” Sun briefly mentioned that treasury bills are the underlying assets providing necessary collateral, but the details have not been disclosed.
Concerns about Market Impact
The presence of TUSD in the market has noticeably diminished recently, leading critics to question the sustainability of Sun’s projects. They also warn of potential financial risks that could have repercussions throughout the cryptocurrency market.
Unanswered Queries
It is evident that there is more to this story than meets the eye. Many are left wondering where the stUSDT yields originate from and whether Justin Sun’s projects are as transparent as they claim to be.
Final Remarks
Given Sun’s controversial history and the ongoing civil charges against him in the United States (which he denies), the cryptocurrency community is closely monitoring further developments related to this move.
