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    <p>This year, crypto entrepreneur Justin Sun has been on a streak of questionable decisions — but his brazenness seemingly became out of control on Friday, when he decided to mint over $800 million worth of his own stablecoin TUSD, put them into a lending protocol he named after himself, and burn them all.</p> 
    <p>Sun, a former Grenadian ambassador who has since seen that honor stripped away, raised eyebrows when he started multiple algorithmic stablecoins after the collapse of the Terra/Luna ecosystem. The Tron founder controversially decided to purchase crypto exchange Huobi and has been sued by the SEC for alleged market manipulation of his own tokens.</p> 
    <p>On Friday, however, Sun took the crypto cake by <a rel="dofollow" title="print" href="https://thebittimes.com/tag/print.html">print</a>ing $815 million worth of his stablecoin <a rel="dofollow" title="TUSD" href="https://thebittimes.com/tag/tusd.html">TUSD</a>. The funds were then sent to Sun-controlled Huobi — now curiously rebranded to HTX. These funds and an extra $40 million were then burned.</p> 
    <p>This caused a strange spike in the <a rel="dofollow" title="TUSD" href="https://thebittimes.com/tag/tusd.html">TUSD</a> market cap. Only, the excitement didn’t end there; the over $800 million in stables were used by Sun to <a rel="dofollow" title="print" href="https://thebittimes.com/tag/print.html">print</a> more stUSDT (or Staked USDT,&nbsp;another asset almost exclusively controlled by Sun), and then placed into JustLendDAO (which he also controls) to supposedly earn interest.</p> 
    <figure class="wp-block-image size-large">
     <img decoding="async" loading="lazy" width="939" height="1024" src="https://cdn.thebittimes.com/images/2023/09/19/4a2ec2b4014c98cc4d5f77211820982c.webp" alt class="wp-image-48281" srcset="https://cdn.thebittimes.com/images/2023/09/19/4a2ec2b4014c98cc4d5f77211820982c.webp 939w, https://cdn.thebittimes.com/images/2023/09/19/4a2ec2b4014c98cc4d5f77211820982c.webp 275w, https://cdn.thebittimes.com/images/2023/09/19/4a2ec2b4014c98cc4d5f77211820982c.webp 768w, https://cdn.thebittimes.com/images/2023/09/19/4a2ec2b4014c98cc4d5f77211820982c.webp 1194w" sizes="(max-width: 939px) 100vw, 939px">
     <figcaption class="wp-element-caption">
      Just a little blip (via CoinGecko).
     </figcaption>
    </figure> 
    <p><em>Read more: Where is <a rel="dofollow" title="Justin Sun" href="https://thebittimes.com/tag/justin-sun.html">Justin Sun</a>’s money?</em></p> 
    <h2 class="wp-block-heading" id="h-nothing-but-t-bills-baby">Nothing but t-bills, baby</h2> 
    <p>On X, formerly Twitter, Sun was asked by Dylan LeClair to clarify the nature of TUSD reserves and where they were held, and to explain where its yield comes from.</p> 
    <p>LeClair received a one-word reply: “t-bills.”</p> 
    <p>At press time, Sun has failed to show what company has purchased these US treasury bills for <a rel="dofollow" title="TUSD" href="https://thebittimes.com/tag/tusd.html">TUSD</a>, where their assets are being held, what durations these imagined ‘t-bills’ are, and how stUSDT is able to often offer yields higher than those offered by the US treasury.</p> 
    <p>In a statement to Blockworks, Sun said that the transactions were personal and had nothing to do with Huobi business.</p> 
    <p>“Printing! Moar!” Sun told the news outlet.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/justin-t-bills-sun-prints-800m-to-himself-tbt63134.html">https://thebittimes.com/justin-t-bills-sun-prints-800m-to-himself-tbt63134.html</a></p>

Justin 'T-Bills' Sun prints $800M to himself

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