The face of the Chinese public chain has been born, and Justin Sun has once again earned enough market attention.
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) - TRX ETF officially submitted the S-1. This is the first time that TRON has tried to enter the US capital market as a "regular army" - a compliance gamble and an image reshaping. After Justin Sun 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 harvested traffic with meme coins, some projects have become rich overnight by relying on regulatory arbitrage, and countless projects have circumvented the SEC's 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 TRON's position as the leader of the "on-chain dollar" - the USDT issued by its network occupies more than 30% of the stablecoin market.
But his calculations are obviously not limited to TRON.
Around this old public chain, Sun Yuchen has quietly built a complete crypto ecosystem with compliance as the cornerstone, combining technical chassis, traffic entry and value anchoring - the trinity of TRON, HTX exchange, and USDD stablecoin, which constitutes his new strategy of "the three horses of the crypto world".
The public chain is only the underlying foundation, and traffic is the foundation of ecological operation. In Sun Yuchen's ecological chess game, Huobi HTX is the key role in introducing and precipitating users and truly driving the entire ecological cycle.
How powerful is Huobi HTX?
In the first quarter of 2025 when the overall crypto market "cooled down", Huobi HTX handed in a brilliant report card.
According to the 2025 First Quarter Crypto Industry Report 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 showed a strong growth momentum of "blooming in multiple places" in the entire product system:
The number of users and transaction volume has grown steadily, especially in the CIS region and the euro stablecoin market; the contract, earning currency, pledge and other product lines have been continuously optimized, and the user retention rate has been greatly improved through strategies such as fee reduction, income upgrade, and product diversification.
At the same time, Huobi HTX has continued to deepen its ecological cooperation: collaborating with global compliance institutions such as Fireblocks to further strengthen the 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 transformed them into trading users and ecological participants.
Behind these achievements, Huobi HTX's ability to withstand pressure in a "bear market" environment is shown, and it also proves from the side that Huobi HTX is taking trading as the entrance and ecology as the goal, becoming the most vital part of Sun Yuchen's ecological layout.
A complete ecology 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 USDD's status in the DeFi community is constantly rising.
In Sun Yuchen'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.
In fact, since appearing on the cover of the global edition of Forbes, Sun Yuchen has been constantly called the "engine of counter-cyclical growth" and the "impossible triangle" unlocker in the blockchain field by the crypto circle - finding a balance between regulatory compliance, technological innovation and ecological expansion.
Now, he is entering the US capital market with TRX ETF, using Huobi HTX as the traffic entrance, and driving the on-chain economy with stablecoins, trying to break the "impossible triangle" that has plagued 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 for 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 Sun's "three horses" to leverage the "impossible triangle". Once TRX ETF is successfully launched, Sun Yuchen's 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.
The alleged individual, who launched Caitlyn Jenner’s Solana token, also took over $300K presale funds of an Iggy Azalea coin. Azalea has stated she is not involved and has instead launched her own token. So who is Sahil Arora, the man behind the recent series of celebrity meme coin launches?
KikyoBuffett has long opposed Bitcoin, but his company Berkshire Hathaway still profits from cryptocurrencies.
AlexBrock Pierce, a founding veteran of Tether, the issuer of USDT, has released a significant signal, suggesting that China will eventually open its cryptocurrency market. He is preparing to return to work in Hong Kong for the third time.
AlexSince Trump's conviction last week, he has raised an astonishing $200 million, outpacing Biden's campaign and launching Bitcoin Lightning Network donations.
MiyukiAfter the Bitcoin halving, miners' revenue dropped by 46% in May. A well-known Chinese figure warns that some miners may be forced to shut down.
WeiliangDonald J. Trump has made history as the first US president, former or current, to be convicted in a criminal court. Despite his eagerness to serve, he plans to appeal too. If re-elected, could he govern from prison?
CatherineAs Biden’s campaign strategically decides to give minimal attention to Trump's legal battles, the nation's focus is also drawn to the ongoing trial of Hunter Biden on gun charges, less than a week after Trump's felony conviction in New York.
KikyoThe Shenzhen Local Financial Supervision Authority has issued a "Risk Warning on Speculation in Virtual Currency Trading," warning that virtual currencies lack a clear value basis.
AlexThe European Central Bank (ECB) is expected to cut its interest rate by 0.25% to 4.25% on June 6. This rate cut could boost investor interest in risk assets like Bitcoin. Bitfinex's derivatives head, Jag Kooner, told Cointelegraph: "The ECB is expected to cut rates next week to stimulate economic growth. Lower rates typically weaken the euro and increase liquidity, which can boost risk assets, including Bitcoin."
AlexWarren Buffett's Berkshire Hathaway experienced a sudden 99% stock price crash, which the NYSE attributed to a technical glitch. Former U.S. defense contractor Edward Snowden suggested that Bitcoin could solve this problem.
Alex