TRX ETF impacts SEC, "Troika" reshapes the new landscape of Web3

The face of the Chinese public chain has been born, and Justin Sun has 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) - TRX ETF officially submitted 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.

Looking at the crypto market from 2017 to the present, some projects have harvested traffic with meme coins, some projects have become rich overnight by relying on regulatory arbitrage, and countless projects have bypassed the scrutiny of the SEC in the name of "circumventing listing". For more than a decade, Justin Sun has always adhered to "inheritance, perseverance, and construction", firmly believing that "the long-term market depends on compliant supervision and industry beliefs", which has also created TRON's position as the leader of "on-chain dollars" - 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, Justin Sun has quietly built a complete crypto ecosystem with compliance as the cornerstone, combining technical chassis, traffic entrance and value anchoring - TRON, HTX trading platform, USDD stablecoin trinity, forming his new strategy of "three horses in the crypto world".

Huobi HTX: Justin Sun Group's "traffic engine + ecological hub"

The public chain is only the underlying foundation, and traffic is the foundation of ecological operation. In Justin Sun'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 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 trading platforms 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 against the trend, while the spot trading volume of other top 10 trading platforms 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 has grown steadily, especially in the CIS region and the euro stablecoin market; the product lines such as contracts, earning coins, and staking 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 also continued to deepen its ecological cooperation: collaborating with global compliance institutions such as Fireblocks to further strengthen the platform security and compliance and improve the overall trading experience.

It is particularly worth mentioning that the in-depth cooperation between Huobi HTX and TRON Meme Ecology Sunpump has not only opened up the full-link process from traffic preheating, first-time transactions 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.

These achievements show the ability of Huobi HTX to withstand pressure in the "bear market" environment, and also prove from the side that Huobi HTX is taking trading as the entry point and ecology as the goal, becoming the most vital part of Justin Sun's ecological layout.

USDD: The ambition of stablecoins

A complete ecology cannot be separated from the trump card of "stablecoins".

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 with the US dollar through multiple mechanisms such as over-collateralization, 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 rising.

In Justin Sun's ecological layout, stablecoins carry the grand vision of decentralized finance - breaking through traditional financial barriers through a decentralized payment system, providing more free, transparent and efficient cross-border payment and asset management solutions.

Breaking the impossible triangle, Justin Sun's dream may come true

In fact, since appearing on the cover of the global edition of Forbes, Justin Sun has been constantly called the "engine of counter-trend 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 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 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 "troika" to leverage the "impossible triangle". Once TRX ETF is successfully launched, Justin Sun's vision of "enabling eight billion people around the world to achieve financial freedom" may no longer be just a slogan, but a dream that truly shines into reality.