Research summary
This review is adverse because Aster categorically excludes US users, the same pattern that led this registry to reject Solstice. USDF is a delta-neutral basis-trading stablecoin with the same structure as Ethena USDe and Solstice. Deposited USDT funds long-spot, short-perpetual positions on Binance through Ceffu custody, earning funding-rate income that stakers receive through asUSDF. Aster’s own Terms and Conditions, governed by Hong Kong law with HKIAC arbitration, explicitly prohibit use by United States residents and entities alongside a standard sanctioned-jurisdiction list. The language is nearly identical to Solstice’s own exclusion, which this registry has already rejected. No incorporated legal entity name was found anywhere in Aster’s documentation, matching the disclosure gap this registry already recorded in its Aster Bridge entry. That entry also found that DefiLlama delisted Aster’s self-reported perpetual-trading volume after it proved unverifiable and closely tracked Binance’s own figures. This matters directly because USDF’s yield depends on that same trading venue.
Observable review triggers
- A US-eligible offering opens to this registry's target client population
- A named incorporated legal entity is disclosed for Aster
- Admin, multisig, or pause authority over the USDF and asUSDF contracts is publicly disclosed
- DefiLlama or an independent source confirms Aster's underlying perpetual-trading volume as verifiable, resolving the wash-trading concern this registry already documented for Aster Bridge
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- BSC
- Instruments
- USDF
- Reviewed
- Last confirmed