The face of the Chinese public chain was born, and Justin Sun once again attracted the attention of the market.
Recently, the US asset management giant Canary Capital officially submitted the S-1 registration statement of TRX ETF to the US Securities and Exchange Commission (SEC). This is the first time that TRON has tried to enter the US capital market as a regular army - a compliance gamble and also an image reshaping. After Sun Yuchen appeared on the cover of Forbes as the pride of Chinese entrepreneurs, TRON is also hitting a new height that no Chinese public chain has ever reached, bringing milestone glory to Chinese Web3.
TRX ETF S-1 Registration Statement: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm
Looking at the crypto market from 2017 to now, some projects have used meme coins to harvest traffic, some projects have become rich overnight through regulatory arbitrage, and countless projects have circumvented the SECs scrutiny in the name of circumventing listing. Sun Yuchen has always adhered to the principles of inheritance, perseverance, and construction for more than ten years, and firmly believes that the long-term market depends on compliant supervision and industry beliefs, which has also created TRONs position as the dominant on-chain dollar - the USDT issued by its network occupies more than 30% of the stablecoin market.
But his plans are obviously not limited to TRON.
Around this old public chain, Justin Sun has quietly built a complete crypto ecosystem with compliance as the cornerstone, which combines technical chassis, traffic entrance and value anchoring - the trinity of TRON, HTX exchange and USDD stablecoin, which constitutes his new strategy of the three pillars of the crypto world.
Huobi HTX: Sun Yuchen Group’s “traffic engine + ecological hub”
The public chain is only the underlying foundation, while traffic is the foundation of the ecological operation. In Sun Yuchens ecological chess game, Huobi HTX plays a key role in attracting and retaining users and truly driving the entire ecological cycle.
How powerful is Huobi HTX?
In the first quarter of 2025 when the overall crypto market was cooling down, Huobi HTX delivered a brilliant report card.
According to the Crypto Industry Report for the First Quarter of 2025 released by CoinGecko, Huobi HTX is the only platform among the top 10 exchanges to achieve an increase in spot trading volume. Against the backdrop of a 18.6% drop in the total market value of cryptocurrencies, Huobi HTX still achieved a month-on-month increase of 11.4% in spot trading volume, while the spot trading volumes of other top 10 exchanges generally fell during the same period, ranging from 1.8% to 34.0%.
Not only the spot business, Huobi HTX also shows a strong growth momentum of blooming in multiple places in the entire product system:
The number of users and transaction volume have grown steadily, especially in the CIS region and markets such as the euro stablecoin. Product lines such as contracts, coin earning, and staking have been continuously optimized, and user retention rates have been greatly improved through strategies such as fee reductions, revenue upgrades, and product diversification.
At the same time, Huobi HTX continues to deepen its ecological cooperation: collaborating with global compliance organizations such as Fireblocks to further strengthen platform security and compliance and enhance the overall trading experience.
It is particularly worth mentioning that the in-depth cooperation between Huobi HTX and TRON Meme ecosystem Sunpump not only opened up the full-link process from traffic preheating, initial trading to subsequent staking and airdrop incentives, and built a complete new coin cold start model, but also continuously introduced Web3 players to the Huobi HTX platform and converted them into trading users and ecosystem participants.
These achievements show Huobi HTXs ability to withstand pressure in a bear market environment, and also indirectly prove that Huobi HTX is using trading as an entry point and ecology as a goal, becoming the most vital part of Justin Suns ecological layout.
USDD: Stablecoin ambitions
A complete ecosystem cannot be separated from the trump card of stablecoin.
USDD is a decentralized stablecoin project on the TRON chain. It was officially launched on May 5, 2022 and upgraded to USDD 2.0 on January 25 this year. USDD 2.0 ensures its 1:1 peg to the US dollar through multiple mechanisms such as overcollateralization, liquidation and auction, risk management and real-time monitoring, PSM (pegged stability module), decentralized governance, etc., and USDD has sufficient stability and multiple security measures.
As of April 21, the total supply of USDD 2.0 has exceeded 350 million, showing that its adoption rate in the global cryptocurrency market continues to rise. This widespread user adoption shows that USDDs status in the DeFi community is constantly rising.
In Justin Sun’s ecological layout, stablecoins carry the grand vision of decentralized finance - through a decentralized payment system, breaking through traditional financial barriers and providing more free, transparent and efficient cross-border payment and asset management solutions.
Breaking the impossible triangle, Sun Yuchens dream may become a reality
In fact, since appearing on the cover of the global edition of Forbes, Justin Sun has been constantly called the engine of counter-cyclical growth and the unlocker of the impossible triangle in the blockchain field by the crypto circle - finding a balance between regulatory compliance, technological innovation and ecological expansion.
Today, he is entering the U.S. capital market with TRX ETF, using Huobi HTX as a traffic entrance, and driving the on-chain economy with stablecoins, trying to break the impossible triangle that plagues all Web3 projects:
● Regulatory compliance vs decentralized narrative
● User growth vs market downturn
● Project native token vs mainstream financial acceptance
The S-1 registration application of TRX ETF is a historic step for Chinese public chains to impact the global financial market, and it is also the highlight moment for Justin Suns troika to leverage the impossible triangle. Once TRX ETF is successfully launched, Justin Suns vision of enabling 8 billion people around the world to achieve financial freedom may no longer be just a slogan, but a dream that truly shines into reality.
