Justin Sun prints $800M in little-used stablecoin

The billionaire trader raised eyebrows today by minting a massive sum of an unusual stable


WindAwake/Shutterstock modified by Blockworks


On Friday afternoon, HTX board member Justin Sun undertook a mass printing of the little-used stablecoin TUSD, a move that caught the attention of traders as over $815 million entered circulation in less than 15 minutes. 

Starting at 11:45 am ET, data from Tronscan shows that $815 million TUSD was minted directly to the Tron blockchain across a series of 10 transactions. Each of the mints was to a new address, which then immediately sent funds to the Huobi 2 hot wallet.

Prior to these transactions, the last TUSD mint to Tron was seven days ago. 

Shortly after these deposits, a series of nine transactions from the Huobi 2 address sent TUSD totaling roughly $815 million to a well-known and closely-watched address managed by Justin Sun

The funds were then sent to an unlabeled contract whose code refers to it as “minterproxy.” Minterproxy then sent $865 million in TUSD to another address, which in turn burned the tokens. 

However, the TUSD burns happen to align almost perfectly with mints of stUSDT. Across 10 transactions, $865 million stUSDT were minted to Sun’s address. Sun then deposited the stUSDT to Tron-based lending platform JustLend over a series of six transactions.

The deposits today now account for half of Sun’s $1.5 billion JustLend position, per Tronscan. 

StUSDT is a staked USDT product that currently yields 4.2%, with claims that the yield comes from real-world assets (RWAs). According to the stUSDT website, which Blockworks viewed via a proxy as United States IP addresses are geofenced, the yield is generated via “high-grade short-term government bonds.” 

Per DeFiLlama data, JustLend’s total value locked (TVL) increased 17% to $4.63 billion following the deposits. 

In a recent statement to CryptoSlate, a Tether spokesperson said that stUSDT was “an independent project and is not affiliated with Tether.” Additionally, in July, TUSD parent company Archblocks co-founder accused Sun of acquiring TUSD through various shell companies. 

Sun, who was charged with fraud and other securities laws violations by the SEC in March, said in a statement to Blockworks that the transactions were related to his personal fund and not Huobi business. 

Updated Sept. 20, 2023 at 4:50 pm ET: This article has been been updated to remove a quote given on background.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.


The former Valkyrie CEO chats with Blockworks about what she has her eye on as Cypherpunk Holdings’ new leader


Thursday’s CPI report shows prices are coming down more quickly than analysts had anticipated, renewing hope that central bankers will cut rates in the fall


If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale


Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference


Meanwhile, stocks rally after Jerome Powell finishes his Capitol Hill tour


Plus, Blinks have reshaped many people’s understanding of what blockchains are capable of