Summary
Ketju does not approve Aster USDF: Aster’s Terms bar US residents and entities, the same bar that kept Ketju from approving Solstice. USDF is a delta-neutral basis-trading stablecoin built like Ethena USDe and Solstice. Deposited USDT funds long spot and short perpetual positions on Binance through Ceffu custody, and stakers earn the funding income through asUSDF. Aster’s Terms and Conditions, under Hong Kong law with HKIAC arbitration, prohibit use by US residents and entities and by a standard list of sanctioned jurisdictions. The wording is nearly the same as Solstice’s. We found no incorporated legal entity in Aster’s documents, the same gap Ketju found in its Aster Bridge memo. That memo also found that DefiLlama delisted Aster’s self-reported perpetual trading volume because it could not be verified and closely tracked Binance’s figures. USDF’s yield comes from that same venue.
Review triggers
- Aster opens an offering that US clients of US advisors may use
- Aster publishes a named, incorporated legal entity
- Aster publishes who holds admin, multisig or pause powers over the USDF and asUSDF contracts
- DefiLlama or an independent source confirms that Aster’s perpetual trading volume can be verified, settling the wash-trading concern in Ketju’s Aster Bridge memo
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- BSC
- Instruments
- USDF
- Reviewed
- Last confirmed