Is TUSD stablecoin safe? This question is a question for many people in the community. Although there are currently no signs that a thunderstorm is about to happen, Binance holds 90% of the circulation and trading volume, which is concentrated in Binance, as well as the trust token owner and controversial figure Justin Sun. The connection makes people increasingly worried about the truth behind TUSD.

TUSD circulation and trading volume are concentrated on Binance

According to a report by DL News, DeFiLlama told the media outlet that Binance’s TUSD holdings on DeFiLlama experienced a significant spike after the Binance exchange updated a batch of new address lists with the data platform.

Data from Defillama shows that Binance holds nearly 2.7 billion TUSD, while data from the official website and CoinGecko show that the circulating supply of TUSD is only slightly more than $3 billion, which means that Binance holds nearly 90% of TUSD circulation. Additionally, of the $3 billion in TUSD in circulation, over $2.2 billion is issued on the Tron blockchain. Another $700 million is in Ethereum.

On the other hand, TUSD trading volume is also concentrated on the Binance exchange, according to cryptocurrency research firm Kaiko. The company said in a research note released this week that decentralized exchanges’ TUSD daily trading volume averaged around $2 million in the second quarter of 2023, while Binance’s daily trading volume was as high as $2 billion. , at the same time, the market value of TUSD has tripled in just four months, which seems to have a lot to do with the exchange's launch of a zero transaction fee activity for TUSD after the exchange faced difficulties due to the development of BUSD.

TUSD is related to Justin Sun

At the same time, an in-depth investigation released by Cinneamhain Ventures partner Adam Cochran at the beginning of the month found that TUSD has close ties with Justin Sun, Huobi and a number of shell companies.

1/25Back in May, TUSD threatened to sue me for even remotely suggesting they'd be related to Justin Sun.So naturally, I dug in to prove the ownership web of Justin for both TUSD, Huobi and his shell companies around the world. pic.twitter.com/CFHjdKMX7r

— Adam Cochran (adamscochran.eth) (@adamscochran) June 30, 2023

TrustToken officially transferred the ownership of TUSD to a company called Techteryx in December 2020. The company is said to be located in Singapore, but Adam Cochran was unable to find relevant information locally.

In addition, Adam Cochran peeled off the cocoon and discovered that Li Jinmei, the person in charge of Techteryx, is most likely Sun’s stepmother Li Jinmei, who is also the person in charge of TRON’s Chinese entity.

Jennifer Jiang, who signed the contract with TrustToken on behalf of Techteryx, seems to be Jiang Yiying (Jennifer Yiyang / Yiying Jiang / Jiying Jiang) who is closely related to many shell companies related to Justin Sun. This person is also the director of Huobi Innovation Company in Dubai. .

Finally, Adam Cochran concluded that if someone is willing to trust TUSD, it is equivalent to trusting "the stable currency of Justin Sun and his affiliates who control the private keys", while also bearing the risk that the assets may be withheld.

This Article Is TUSD Stablecoin Safe? Circulation and trading volume are concentrated in Binance, and it is closely related to Justin Sun. First appeared in Zombit, Zombit.