The flagship of the Chinese public chain has been born, and Justin Sun has once again captured the market's attention.
Recently, the US asset management giant Canary Capital officially submitted the S-1 registration statement for TRX ETF——TRX ETF has officially filed its S-1. This is the first time TRON has attempted to enter the US capital market as a "regular army"—a compliance gamble and an image reconstruction. After Justin Sun, as the pride of Chinese entrepreneurs, appeared on the cover of Forbes, TRON is also impacting unprecedented new heights, bringing milestone 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 crypto market from 2017 to now, some projects harvested traffic with meme coins, some became overnight millionaires through regulatory arbitrage, and countless projects bypassed SEC scrutiny under the guise of "roundabout listing". However, Justin Sun has always adhered to "inheritance, persistence, and construction" over the past decade, firmly believing that "the market's longevity relies on compliant regulation and industry faith", which has established TRON's dominance as the "chain-based dollar"—with USDT issued on its network occupying over 30% of the stablecoin market.
But his plans are clearly not limited to TRON.
Around this veteran public chain, Justin Sun has quietly built a complete crypto ecosystem with compliance as its cornerstone, combining technical foundation, traffic entry, and value anchoring—TRON, HTX Exchange, USDD Stablecoinform a trinity, constituting his new strategic "three-horse chariot" of the crypto world.
HTX: The "Traffic Engine and Ecosystem Hub" of Justin Sun's Group
The public chain is just the underlying infrastructure, and traffic is the fundamental driver of ecosystem operation. In Justin Sun's ecosystem strategy, HTX is the key role that introduces and sediments users, truly driving the entire ecosystem cycle.
How powerful is HTX?
In the "cooling" crypto market of 2025 Q1, HTX Exchange delivered an impressive performance.
According to the CoinGecko 2025 Q1 Crypto Industry Report, HTX is the only platform among the Top 10 exchanges that achieved spot trading volume growth. Against the backdrop of an 18.6% decline in total crypto market cap, HTX still achieved an 11.4% quarter-on-quarter increase in spot trading volume, while other Top 10 exchanges experienced declines ranging from 1.8% to 34.0%.
Not only in spot business, HTX also shows a strong growth momentum of "multi-point blossoming" across its entire product system:
Steady growth in user and trading volume, especially outstanding performance in CIS regions and Euro stablecoin markets; continuous optimization of product lines such as contracts, earning, and staking, significantly improving user retention through strategies like fee exemption, yield upgrades, and product diversification.
Meanwhile, HTX continues to deepen ecosystem cooperation: collaborating with global compliant institutions like Fireblocks to further enhance platform security and compliance, improving overall trading experience.
Notably, HTX's deep collaboration with TRON Meme ecosystem Sunpump not only connects the full-chain process from traffic preheating, first-launch trading to subsequent staking and airdrop incentives, constructing a complete "new coin cold start model", but also continuously introduces Web3 players to the HTX platform, converting them into trading users and ecosystem participants.
These achievements demonstrate HTX's resilience in a "bear market" environment and indirectly prove that HTX is becoming the most vital part of Justin Sun's ecosystem layout, with trading as the entry point and ecosystem as the goal.
USDD: The Ambition of Stablecoin
A complete ecosystem cannot be without the "stablecoin" trump card.
USDD is a decentralized stablecoin project on the TRON chain, 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 including over-collateralization, liquidation and auction, risk management and real-time monitoring, PSM (pegged stability module), and decentralized governance,and USDD possesses sufficient stability and multiple security measures.
As of April 21, the total supply of USDD 2.0 has exceeded 350 million, indicating its continuously rising adoption rate in the global crypto market. This widespread user adoption demonstrates USDD's increasingly prominent position in the DeFi community.
In Justin Sun's ecosystem layout, stablecoin carries the grand vision of decentralized finance—breaking through traditional financial barriers through a decentralized payment system, providing a more free, transparent, and efficient cross-border payment and asset management solution.
Breaking the Blockchain Trilemma, Justin Sun's Dream May Become Reality
In fact, since appearing on the global Forbes cover, Justin Sun has been continuously referred to as the "counter-trend growth engine" and the "Blockchain Trilemma" resolver in the crypto circle—finding a balance point between regulatory compliance, technological innovation, and ecosystem expansion.
Now, by cutting into the US capital market with TRX ETF, using HTX as a traffic entry point, and driving the on-chain economy with stablecoin, he is attempting to break the "Blockchain Trilemma" that troubles all Web3 projects:
Regulatory Compliance vs Decentralization 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 the Chinese public chain to impact the global financial market and a highlight moment for Justin Sun's "three-horse chariot" to leverage the "Blockchain Trilemma". Once TRX ETF successfully lands, his vision of "enabling 8 billion people worldwide to achieve financial freedom" may no longer be just a slogan, but a dream truly coming into reality.
