CandleFocus Poloniex exit leaves Ethereum stUSDT nearly abandoned
2024-10-24
Author: Content Editor
Staked USDT (stUSDT), a protocol that invests in US Treasury securities to pay yields to users who stake their tether tokens, has seen a collapse in its utilization on Ethereum. The exit of Justin Sun-owned Poloniex from its position has contributed to this decline. Previously, a significant portion of stUSDT tokens were controlled by an address associated with both Justin Sun and Poloniex, raising questions about who currently controls the address. Poloniex's failure to complete a proof-of-reserves makes it difficult to determine their involvement. Large withdrawals of stUSDT tokens from Poloniex have left the token abandoned on Ethereum, with the majority of the remaining supply held by one address. On the Tron network, the largest holder still has a significant portion of the supply. Protos has reached out to Poloniex for confirmation but has not yet received a response.
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