Asia's most influential blockchain conference KBW 2023 (Korea Blockchain Week 2023) officially opens. Justin Sun, founder of TRON and member of Huobi Global Advisory Board, will attend the key conference dates (9.5-9.6) This event focuses on discussing the future development direction of the industry under the current situation.
It has been more than a year since the crypto winter of 2022 suddenly arrived. The bear market is long and regulatory pressure and industry risks are increasing. The Crypto/Web3.0 industry stands at the crossroads of change.
Turning to the East may be a common choice for the industry. In the past year, Hong Kong, China, has frequently released friendly signals towards Web 3.0. As an Asian financial center, Hong Kong’s intention to seize the next era has been very clear. South Korea has long become a presence that cannot be ignored in the encryption world.
Justin Sun, founder of TRON and member of Huobi Global Advisory Board, was obviously the first industry leader to realize this trend.
In April this year, Justin Sun "airborne" at the 2023 Hong Kong Web 3.0 Carnival. Justin Sun and many members of the Hong Kong government and people from outside the industry will gather together to discuss the development prospects and layout of Hong Kong Web 3.0.
This week, Asia’s most influential blockchain conference, Korean Blockchain Week (hereinafter collectively referred to as KBW), is held in Seoul. It is reported that Justin Sun will attend the key conference dates (9.5-9.6). activities.
In addition to Justin Sun, this KBW 2023 key meeting gathered many heavyweight guests, including Ethereum co-founder Vitalik Buterin, Circle CEO Jeremy Allaire, BitGo co-founder and CEO Mike Belshe, and Polygon co-founder Sandeep Nailwal and others, which shows the high standard of this meeting.
Under the new pattern of Web3.0 "rising in the east and falling in the west", Asian forces represented by the Chinese are showing great vitality.
Starting again from Asia
Sun Yuchen said at this KBW 2023 conference that due to the aggressive legal actions taken by the US Securities and Exchange Commission (SEC) to crack down on well-known cryptocurrency projects and cooperate with cryptocurrency exchanges, a large number of cryptocurrency projects have turned to Asia, but this Helping the industry solve the problem of decentralization: "Our (TRON and Huobi) desire is to diversify, and we will invest more resources in South Korea, Japan, and Southeast Asia."
The reason why TRON and Huobi invest more resources in the East is not only based on the consideration of the size and development foundation of the Asian market, but also a positive response to the recent improvement in the regulatory environment of major Asian markets.
In the early stages of the development of the encryption industry, the Asian region, represented by South Korea, Japan and Hong Kong, was an important force in the world's cryptocurrency and the earliest historical footnote in the development of Web3.0 in Asia. At the same time, stablecoins represented by TRC20-USDT have built the entire market structure and market scale, becoming an outstanding representative of the value contributed by Asian forces to global Web3.0.
“Since 2017, Hong Kong has actually had many crypto assets, like the familiar Phoenix, Binance, FTX, all the major exchanges at that time were founded in Hong Kong. But we know that around 2021, China introduced cryptocurrency Due to regulatory policies, many capital businesses have moved away from Hong Kong." Justin Sun pointed out.
It can be seen that the regulatory environment and policy friendliness can directly affect the development path of the encryption industry in a region or even a country.
As Citi's RWA research report "Money, Tokens and Games" points out: Although the blockchain revolution started in fringe countries, to promote its large-scale application, it requires the support of sovereign governments, regulated financial institutions and large companies, as well as Support for crypto-native rebels because they are at the heart of innovation, change, and progress.
At the previous WebX Conference in Japan, Justin Sun said: "The current stage of Web3.0 is just like what has happened countless times in history. Without a loose regulatory framework, the innovative vision of Web3.0 will not be truly realized. "
Hong Kong’s bold attempt to encrypt new policies has obviously brought about an “ice-breaking effect.” “Recently, the Hong Kong SAR government has adopted an open-door policy in an attempt to re-attract cryptocurrency businesses. This competitive situation has also prompted Singapore to take action to maintain its regional leadership. The competition between Hong Kong and Singapore will help the global cryptocurrency industry The development will provide investors and entrepreneurs with more choices.” Sun Yuchen said.
This is why Justin Sun is currently sparing no effort to build an Asian Web3.0 center with TRON and Huobi - based on Asia's complete industry infrastructure and taking advantage of policy trends to promote the mainstream market to embrace Web3.0.
“Because ultimately, cryptocurrency is a global strategy, it’s a global protocol, and ultimately, everyone will be involved in cryptocurrency. It’s just like the Internet.” Justin Sun said.
Using RWA to drive industry change
During this trip, Justin Sun will participate in this grand event with the RWA concept. He will participate in keynote speeches and multiple closed-door meetings on the key conference dates (9.5-9.6), conduct in-depth exchanges with South Korea's top investment institutions and blockchain teams, and discuss Web3.0 The new driving force of the industry creates new milestones.
stUSDT, which TRON has recently taken the lead in supporting, is a heavyweight RWA product based on Lido's re-pledge model, which shares stablecoin earnings to all holders. Currently, the locked position of the USDT-based RWA re-pledge product stUSDT has reached US$759 million.
As we all know, Tron has the largest circulation of USDT, the world's largest stable currency, accounting for 52% of the total global supply of USDT, reaching more than 44 billion US dollars. Based on the absolute advantages of circulation and almost no threshold, stUSDT was called the Yu'E Bao of Web3.0 upon its launch.
Stablecoins have always been a channel for the entry and exit of funds in the cryptocurrency market, so it has also become the most important elephant in the RWA track.
For the current $1 trillion crypto market, the turbulent macro background makes the entire market seem to lack a financial product with stable returns.
The real source of income native to the crypto market—such as ETH-based Liquidity Staking (LSD) revenue—is limited by the imagination that the size of the crypto market cannot support it. Therefore, if you want to break through market difficulties, you need to introduce external forces and find support and sources of value from the real world.
This is why the RWA concept is gaining strength.
The full name of RWA is Real World Assets Tokenization, which is the process of converting the value of equity in real-world tangible or intangible assets (which can be ownership, income rights, usage rights, etc.) into digital currency. . Since the early days of blockchain technology, market participants have been looking to bring RWA on-chain.
“Old Money” Citigroup, which has stepped into the game, also predicts that by 2030, up to 5 trillion US dollars of funds may be transferred to new digital currency forms. If the tokenization of real world assets (RWA) is implemented in a regulatory-friendly environment, ) will be the trump card to drive the blockchain industry into a scale of tens of trillions of dollars.
Of course, the prerequisite for bringing more than 1 billion users and tens of trillions of dollars of assets into the Crypto/Web3 industry is to improve relevant technologies and laws to support and maintain the entire ecosystem.
But from all angles, embracing Web3 technology is the inevitable outcome of the development and evolution of the financial industry. The advantages of low friction, flexibility, composability, transparency and traceability brought by DeFi will truly evolve the traditional financial system.
In Asia, especially East Asia, governments and regulatory agencies in many countries such as South Korea and Japan have clearly realized the huge improvement power of Web3.0 technology for the financial industry, and have begun to actively embrace Web3.0 technology, providing the next step of development of RWA. The most reliable support.
We look forward to seeing more Asian and even Chinese forces discussing the development of RWA at this KBW 2023, and more institutions and regulatory forces participating in discussions on RWA’s compliance operations. At this crossroads of crypto reform, let RWA become the next round of bull market the main driving force.
Finally, I borrowed the words of Justin Sun at KBW 2023 to welcome the next stage of Web3 evolution: "We see a lot of interesting things emerging now. RWA is a real-world asset, and new things are deployed every week. We see ZK solutions and All new technologies are taking off. I think it's a very hopeful time right now, and I'm really looking forward to incubating and helping all developers grow in this space."
References:
《Money, Tokens, and Games》Citi GPS
《Real World Assets: The Bridge Between Tradfi and Defi》Binance Research