The 2025 Korea Blockchain Week (KBW) was grandly held in Seoul. As one of the most influential blockchain industry events in Asia and globally, KBW annually attracts industry leaders, investors, developers, and policymakers from around the world to discuss the latest developments and future directions of blockchain technology, the cryptocurrency market, and decentralized finance (DeFi). This year's event featured TRON founder Justin Sun as a special guest, sharing his insights on the future of cryptocurrency in several fireside discussions. The discussions focused on decentralized exchanges, stablecoins, industry risks, and the vision of global finance, and Sun's remarks garnered widespread attention.

On the KBW stage, Justin Sun not only showcased TRON's latest developments but also shared his deep thoughts on the industry. From efficiency breakthroughs in decentralized exchanges to the transparency and censorship resistance of the decentralized stablecoin USDD, and from challenges with security and leverage to the practical realization of inclusive finance, he consistently emphasized his conviction that cryptocurrency is not a tool for short-term speculation, but rather the next-generation financial infrastructure capable of serving hundreds of millions of users worldwide and supporting the future economy.

Decentralized exchanges and the new landscape of capital efficiency

Reviewing TRON's recent key developments, Justin Sun first mentioned the official launch of Sunperp, the TRON ecosystem's first decentralized perpetual contract exchange, in September of this year. He noted that the decentralized derivatives market has experienced rapid growth over the past two to three years, but has consistently suffered from a core issue: inefficiency. Many platforms lag far behind centralized exchanges in terms of latency, operational complexity, and capital utilization, resulting in a subpar user experience.

TRON hopes to change this situation with its new DEX. Leveraging approximately $80 billion in deposited funds on the network, the new platform will unlock massive liquidity, allowing users to experience on-chain transaction speeds and convenience similar to those of centralized platforms. He emphasized that TRON possesses a unique advantage in stablecoin settlement: users can directly use USDT to settle transactions between different tokens within a single block. This not only significantly improves capital efficiency but also makes on-chain transactions more efficient and smoother.

Sun further pointed out that the significance of perpetual contracts lies not only in providing users with trading channels, but also in improving the overall efficiency of capital utilization. Through such products, the depth and breadth of the on-chain derivatives market will be expanded, injecting new vitality into the entire industry.

USDD's Decentralization Advantages and the Global Application of Stablecoins

When discussing stablecoins, Justin Sun turned to USDD, a stablecoin from the TRON ecosystem. He explained that, with centralized stablecoins like USDT and USDC already dominating, USDD's competitive advantage lies in its decentralization and transparency. All collateralization and liquidation processes are executed in real time on-chain through smart contracts, allowing users to verify collateral and liquidation status at any time.

Unlike centralized stablecoins that rely on custodian banks and audit reports, USDD utilizes an overcollateralization mechanism, typically maintaining a level of 120% to 130%, thereby ensuring systemic robustness. Furthermore, different users' positions are isolated from each other, so even if individual positions are liquidated, this does not pose a systemic risk to the entire system. In his view, decentralized stablecoins are not only payment tools but also the core support for future decentralized derivatives and financial infrastructure.

He emphasized that the significance of stablecoins transcends the cryptocurrency market and is becoming a crucial tool for real-world financial activities. In emerging markets like Latin America, users are already able to directly purchase cars using USDT, demonstrating the potential of stablecoins in everyday life. For countries where opening a dollar account is difficult, stablecoins provide a zero-barrier "digital dollar account," truly achieving financial inclusion. According to TRON, the number of user accounts currently exceeds 300 million, with over 300,000 new accounts added daily, and an additional 100 million expected by next year. Justin Sun believes this is a significant step forward in blockchain's efforts to democratize global finance.

Security, Leverage, and the Long-Term Vision for the Future of Finance

On a more macro level, Justin Sun discussed the role of cryptocurrency in the global financial system. He believes that the crypto industry is essentially an extension of the financial sector and the infrastructure on which all future industries will depend. "Just like Nasdaq and the NYSE today, whether it's a tech company or a traditional enterprise, they all ultimately need financing and settlement. Cryptocurrency is a new type of financial vehicle that provides this service," he said.

However, he also admitted that the industry must face two major challenges as it moves forward: security and leverage. Five years ago, the TRON team faced new hacker attacks almost monthly. While the situation has improved, security remains the foundation of the blockchain industry. Leverage is a chronic problem in the financial market, and it also exists in the crypto world. Excessive leverage can lead to individual users' margin calls and even impact the entire ecosystem. Therefore, he believes that finding a balance between capital efficiency and risk control is key to the long-term and healthy development of the industry.

Looking ahead, Justin Sun revealed he's working on a new project. This decentralized product will allow users to simultaneously access multiple crypto assets, enhancing their valuation potential while maintaining their decentralized nature. Reflecting on TRON's development over the past three years, he stated that the team has consistently delivered new products and driven industry growth. By the end of this year, TRON will also launch more new features to maintain the ecosystem's continued innovation and vitality. "Our strategy is very clear: continue building, innovate, and seize new opportunities at critical moments," he said.