stUSDT 2023 year in review

The stUSDT platform is dedicated to narrowing the divide between retail and institutional investors

article-image
share

Overview

On July 3, 2023, the TRON ecosystem welcomed its first Real-World Asset (RWA) product, stUSDT, which is operated by the decentralized financial platform JustLend DAO. 

The stUSDT platform is dedicated to narrowing the divide between retail and institutional investors while connecting the crypto realm with the real world. stUSDT ensures equal opportunities for all to invest in RWAs. 

What is stUSDT

stUSDT is a receipt token that complies with the TRC-20 and ERC-20 standards and can be obtained by staking USDT into the stUSDT-RWA Contract. It supports transfers and can be utilized in other DeFi protocols. The exchange rate between stUSDT and USDT is maintained at 1:1 by the stUSDT-RWA Contract (special rules may apply).

Staking rewards are distributed in the form of stUSDT through a daily rebase. There is also a wrapped version of stUSDT, known as wstUSDT. While a holder’s stUSDT balance increases as it receives daily rebase rewards, wstUSDT accrues the underlying stUSDT rewards and will constantly increase in value beyond 1 stUSDT. 

Growth

Since its launch, stUSDT has made an immediate impact on the market, with its TVL surpassing $22 million within the first 24 hours.

The TVL has continued to rise ever since. On September 29, stUSDT ascended to the top 10 protocols in the DefiLlama TVL rankings, closing out the year with a TVL of $2.29 billion and boasting over 350,600 stakers.

For the past three months, the APY on both the TRON and Ethereum networks has remained consistent, ranging from 4.7% to 4.8% for each network.

Key events

On July 14, the stUSDT platform officially launched wstUSDT (wrapped stUSDT), a non-rebasing version of stUSDT.

On July 27, the stUSDT platform added support for the Ethereum network. This integration empowers users to effectively manage and invest their assets by leveraging the diverse Ethereum ecosystem.

On August 14, the stUSDT platform introduced support for TUSD staking. With this new feature, users can stake TUSD or USDT to obtain stUSDT, thereby earning rewards through the Rebase mechanism. 

On October 10, the proposal from Curve to add a gauge for the stUSDT/crvUSD pool was passed.

On November 24, the proposal to empower JST by allocating stUSDT protocol revenue for JST/TRX liquidity pooling in SunSwap V2 was passed.

Conclusion

In an ever-evolving space where TradFi and DeFi often seem at odds, stUSDT is one of the pioneers striving to create a product that combines the best of both worlds and propels the next phase of growth in the blockchain industry.

The introduction of stUSDT has sparked industry-wide excitement. The platform is committed to keeping pace with market trends and user needs. Furthermore, it will consistently enhance its platform capabilities and seek out new investment opportunities to improve the user experience.

Disclaimer: Please be aware that stUSDT and any related services or offerings are not available to users in the United States. This restriction includes any transactions, interactions, or engagements with stUSDT. Users residing in the U.S. should not participate in stUSDT-related activities.

This content is sponsored by TRON and does not serve as an endorsement by Blockworks. The veracity of this content has not been verified and should not serve as financial advice. We encourage readers to conduct their own research before making financial decisions. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

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

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

The distributed cell plan provider started selling its own hotspots in October 2023

article-image

The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals

article-image

The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s

article-image

Plus, it’s beginning to look like we may be in for a cruel summer

article-image

Sponsored

Engaging with XDC provides access to cutting-edge financial tools and places investors at the forefront of the trade finance revolution

article-image

Plus, an update on spot ETH ETFs and what’s on this week’s economic calendar