defioasis
According to the TUSD transparency report issued by the auditing firm Moore on September 24, the total amount of TUSD is 495.5 million, while the collateral includes 0 U.S. Treasury bonds, $1.092 million in cash, and First Digital Trust Limited holds $501.85 million (accounting for 99%).
As TUSD was abandoned by Binance, the total amount continued to decline, and the US Treasury bonds and cash reserves were consumed in the redemption of TUSD. For a long time, the $500 million in TUSD reserves placed in First Digital has basically not been moved. Initially, it was thought that the reserves were diverted to FDUSD for BN Launchpool mining, but in fact it was not the case. In terms of time, the reserves were stored in First Digital earlier than FDUSD was on the Launchpool stage.
The settlement agreement reached today between TrustToken and TrueCoin and the U.S. SEC regarding TUSD allegations also mentioned that by March 2022, $500 million of the assets supporting TUSD had been invested in the Commodity Fund, and by September 2024, the funds invested in the Commodity Fund accounted for 99% of TUSD reserves.
The $500 million in reserves invested in the Commodity Fund mentioned in the SEC agreement corresponds to the funds deposited in First Digital in Moore's report. According to Moore, First Digital can use this part of the TUSD reserve to invest in other instruments to earn returns, and may consist of investments that cannot be readily redeemed for cash. There are some reports that there are some problems with First Digital's channels and they may not be retrieved. The $500 million deposited in First Digital has not changed in the amount in Moore's transparency report, which seems to support this. If First Digital's funds are difficult to redeem, then TUSD is actually air.
According to on-chain data, more than 80% of TUSD is managed by Justin Sun’s team. The address marked by Arkam as suspected to be Justin Sun: 0x9F…19Fe accounts for 50% of the total; JustLend has 146 million TUSD, accounting for 30%; SUN io pool has 6.5 million TUSD, accounting for 1.3%; the rest is distributed in exchanges such as Binance and unmarked addresses.
Currently, the biggest use case of TUSD is in JustLend, where TUSD can be pledged to lend other assets such as USDT. Currently, the largest loan on JustLend is USDT, with a loan amount of 63.44 million US dollars. In addition, in the stable currency stUSDT used for RWA created by Justin Sun's team, USDT and TUSD can be used to mint stUSDT in the Tron network. The total amount of stUSDT is 225 million, of which 72% is stored in HTX and 8.24% is held by Justin Sun: 0x17…a132.
In general, the total amount of TUSD has been reduced to a very small amount and is basically controlled by Justin Sun's team. Most of it should still be lying around. The idle operation of TUSD in Sun's products does not seem to have much impact, and it seems to be able to do better on the books. The basic path is to deposit TUSD in JustLend to borrow USDT, and then mint USDT into stUSDT for RWA; or directly invest TUSD into stUSDT on the Tron network (Ethereum-TUSD is not supported), and stUSDT can circulate in HTX and be used as collateral.
