Defi

Famous Defi analyst <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/adamscochran">Adam Cochran</a> published on twitter with his concern about Crypto exchange <a target="_blank" href="https://tokeninsight.com/en/exchanges/huobi" rel="noopener noreferrer nofollow">Huobi's</a> solvency. 
According to Defillama data, Huobi has total asset of $2.5 billion, which consist of 35.44% of BTC, 26.5% of TRX, 6.8% of HBTC, and 20.4% of HT. These add up to almost 90% of all assets. The largest stablecoin asset is USDT, which only accounts for 1.9% of total assets. 
Moreover, USDT assets have declined rapidly since July, from over $500 million to currently only $48 million. The decline in USDT might be due to the launch of stUSDT, a product provides above 4% yield to users who stake their USDT. The staked USDT will be converted to US dollar and to purchase U.S. Government bond. 
<img src="https://s2.tokeninsight.com/static/calendar/img20230807061907556f85d7-4e85-499e-bd26-3d97d3948991.jpg"> 
However, Defi analyst <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/adamscochran">Adam Cochran</a> questioned the product, and claimed there is no on-chain evidence that those USDT have been redeemed into U.S. Dollar. He further claims a significant portion of these USDT were actually sent to other Defi projects on Tron, such as JustLend. 
<img src="https://s2.tokeninsight.com/static/calendar/img2023080706190838ee1339-8b9b-40fd-889f-fb0e4a3297ba.jpg"> 
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DeFi Analyst Raising Concern about Huobi Solvency, Citing Misuse of $USDT Asset

TokenInsight

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