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Poloniex exit leaves Ethereum stUSDT nearly abandoned

Poloniex has withdrawn from Staked USDT (stUSDT) on Ethereum, vastly dropping the utilization of the protocol.

ChainArgos: Justin Sun’s JustLend doesn’t send ‘stables’ where advertised

USDT that customers once held on Huobi is now daisy-chained into JustLend, a ‘decentralized’ lending protocol dominated by Sun.

Around 99% of stUSDT is controlled by Justin Sun and Justin Sun-connected entities such as Huobi, despite lacking the promised DAO.

stUSDT, a form of staked tether invested in “real world assets” that pays yield to users, is highly centralized.