Justin Sun, the founder of TRON, is making headlines for minting $815 million worth of TrueUSD (TUSD), despite the stablecoin experiencing limited adoption in the crypto industry.

On-chain data shows that the Sun minted the TUSD in 10 transactions using different addresses on September 15.

Justin Sun’s On-Chain Activity Raises Eyebrows

The newly created stablecoins were initially transferred to an HTX (formerly known as Huobi) hot wallet address. Subsequently, Sun withdrew $865 million worth of TUSD from HTX and deposited it into a stUSDT mint contract, resulting in the tokens being burned.

In return, Sun generated $865 million worth of stUSDT tokens, which were sent to his own wallet.

Justin Sun has now placed the $865 million in stUSDT tokens into the TRON-based DeFi platform, JustLend. Notable, Sun has deep-rooted connections with all of the protocols and exchanges involved in these transactions.

The recent on-chain activity has sparked concerns within the crypto market. Some worry there might be something brewing behind the scenes that could impact the industry as a whole. Specifically, the nearly $1 billion TUSD mint has prompted inquiries into the full collateralization of the stablecoins.

Dylan LeClair, a contributor to Bitcoin Magazine, directly Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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