TRX ETF Impacting SEC, "Big Three" Reshaping Web3 Landscape

2025-04-23 00:46

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The facade of the Chinese public chain has emerged, and Justin Sun has once again captured the market's attention.

Recently, the U.S. asset management giant Canary Capital formally submitted the S-1 registration statement for a TRX ETF to the U.S. Securities and Exchange Commission (SEC)—TRX ETF officially filed S-1. This is the first time TRON has attempted to enter the U.S. capital market in a "mainstream" manner—a compliant gamble and a reputational makeover. Following Justin Sun's prideful appearance on the cover of Forbes as a Chinese entrepreneur, TRON is also striving to reach new heights never before achieved by a Chinese public chain, bringing a milestone of glory to the Chinese Web3.

TRX ETF S-1 registration statement: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm

Looking back at the cryptocurrency market from 2017 to the present, some projects have used meme coins to harvest traffic, some projects have overnight riches through regulatory arbitrage, and countless projects have evaded SEC scrutiny under the guise of "backdoor listings." However, for over a decade, Justin Sun has always upheld the principles of "heritage, perseverance, and construction," firmly believing that "the long-term sustainability of the market relies on regulatory compliance and industry faith." This has also established TRON's dominance as the "on-chain dollar"—with the USDT issued on its network occupying over 30% of the stablecoin market share.

But his ambitions clearly extend beyond TRON.

Around this established public chain, Justin Sun has quietly built a complete encrypted ecosystem based on compliance, encompassing a technical foundation, traffic entry points, and value anchoring—TRON, HTX Exchange, USDD Stablecoin form a trilogy, constituting his new strategic "cryptocurrency world triumvirate."

Huobi HTX: Justin Sun Group's "Traffic Engine + Ecological Hub"

The public chain is only the foundational layer, while traffic is the fundamental aspect of ecosystem operation. In Justin Sun's ecological strategy, Huobi HTX plays a key role in bringing in and retaining users, truly driving the entire ecosystem cycle.

How Awesome is Huobi HTX?

In the overall "cooling down" of the crypto market in Q1 2025, Huobi HTX delivered an impressive report card.

According to CoinGecko's published "2025 Q1 Crypto Industry Report", Huobi HTX is the only platform among the Top 10 exchanges to achieve an increase in spot trading volume. Despite a 18.6% decline in the total cryptocurrency market cap, Huobi HTX still managed to achieve a 11.4% increase in spot trading volume against the market trend, while spot trading volumes of other Top 10 exchanges during the same period generally experienced declines ranging from 1.8% to 34.0%.

Not only in spot trading, but Huobi HTX also showed strong growth across its entire product ecosystem:

User and transaction volumes continued to grow steadily, especially with prominent performance in the CIS region and markets like the Euro stablecoin; the contract, Earn, and Stake product lines were continuously optimized, significantly improving user retention rates through strategies such as fee reductions, yield upgrades, and product diversification.

At the same time, Huobi HTX also continued to deepen its ecological partnerships: collaborating with global compliance entities like Fireblocks to further enhance platform security and compliance, enhancing overall trading experience.

Especially noteworthy is Huobi HTX's deep cooperation with the TRON Meme ecosystem Sunpump, which not only bridged the entire process from preheating traffic, initial trading, to subsequent staking, airdrop incentives, constructing a complete "New Coin Cold Start Model," but also continuously introduced Web3 players to the Huobi HTX platform, converting them into trading users and ecosystem participants.

These achievements demonstrate Huobi HTX's resilience in a "bear market" environment, and indirectly prove that Huobi HTX is taking trading as an entry point and the ecosystem as a goal to become the most vital part of Justin Sun's ecosystem layout.

USDD: The Ambition of a Stablecoin

A complete ecosystem cannot do without the trump card of a "stablecoin."

USDD is a decentralized stablecoin project on TRON's blockchain, officially launched on May 5, 2022, and upgraded to USDD 2.0 on January 25 this year. Via mechanisms such as over-collateralization, liquidation and auctions, risk management and real-time monitoring, PSM (Pegged Stability Module), and decentralized governance, USDD 2.0 ensures its 1:1 peg to the dollar and boasts ample stability and multiple security measures.

As of April 21, the total supply of USDD 2.0 has surpassed 350 million, demonstrating its increasing adoption in the global cryptocurrency market. This widespread user adoption indicates USDD's growing status in the DeFi community.

In Justin Sun's ecosystem layout, stablecoins carry a grand vision of decentralized finance—to break through traditional financial barriers and provide a more free, transparent, and efficient cross-border payment and asset management solution through a decentralized payment system.

Breaking the Impossible Trinity, Justin Sun's Dream May Become Reality

In fact, since gracing the cover of Forbes Global Edition, Justin Sun has been constantly referred to in the crypto community as the "engine of contrarian growth" and the "impossible trinity" unlocker in the blockchain field—finding a balance between regulatory compliance, technological innovation, and ecosystem expansion.

Today, he is entering the U.S. capital market with the TRX ETF, using Huobi HTX as a traffic entry point, and driving the on-chain economy with stablecoins, aiming to break the "impossible trinity" that plagues all Web3 projects:

● Regulatory Compliance vs Decentralization Narrative

● User Growth vs Bear Market

● Project Native Token vs Mainstream Financial Acceptance

The S-1 registration application for the TRX ETF is a historic step for a Chinese public chain to impact the global financial market and a highlight moment of Justin Sun's "three pillars" leveraging the "impossible trinity." Once the TRX ETF successfully lands, Justin Sun's vision of "empowering the financial freedom of eight billion people worldwide" may no longer just be a slogan but a dream that truly becomes a reality.