Singapore-based stUSDT recently announced a significant milestone in its security efforts by partnering with ChainSecurity, a reputable security audit firm. ChainSecurity conducted a thorough audit of stUSDT’s smart contracts, and the audit report, along with the whitepaper, is now available on the official stUSDT website. This collaboration highlights stUSDT’s commitment to ensuring the security and trustworthiness of its platform for real-world assets.
ChainSecurity, known for its high-quality security audits, has previously worked with major players in the industry such as the Ethereum Foundation, Circle, Polygon, Uniswap, and MakerDAO. The recent audit of stUSDT’s smart contracts revealed no critical or high-risk vulnerabilities, indicating the platform’s strong security measures. Following the audit, stUSDT promptly implemented ChainSecurity’s security recommendations by upgrading its contracts on June 24. The platform is now continuously monitored to ensure smooth and secure operations.
The whitepaper available on the stUSDT website provides detailed information about the protocol’s architecture, design, governance structure, and robust infrastructure designed to protect user assets. Matthias Egli, Founding Partner at ChainSecurity, expressed satisfaction with the audit results, stating that the review focused on access control, functional correctness, and solvency, and found no major issues. This audit underscores ChainSecurity and stUSDT’s dedication to upholding the highest standards of security and reliability in the DeFi ecosystem.
stUSDT, as the first rebase RWA protocol, operates through the decentralized JustLend DAO platform. The platform aims to bridge the gap between retail and institutional investors while connecting the crypto industry with real-world assets. By leveraging smart contracts, stUSDT ensures equitable opportunities for all users to engage with real-world assets. Since its launch, stUSDT has gained popularity, with a total TVL of $269 million and an APY of 4.66% as of July 1, 2024.
It is important to note that stUSDT and its services are not available to users in the United States. Residents of the U.S. should refrain from participating in any stUSDT-related activities due to regulatory restrictions.
Overall, the successful audit conducted by ChainSecurity and the publication of the whitepaper demonstrate stUSDT’s dedication to providing a secure and reliable platform for users to engage with real-world assets. This milestone further solidifies stUSDT’s position in the DeFi ecosystem and highlights its commitment to maintaining the highest standards of security and transparency.