"If it can be fully regulated, the encryption industry still has a lot of room for growth. Currently there are only about 100 million encryption users. If regulation is clear, we can gain 2-3 billion users in 3-5 years." - Justin Sun
On September 14, Justin Sun, founder of TRON and member of the Huobi HTX Global Advisory Board, was invited to attend the 2023 Milken Institute Asia Summit and met with Kirk, the former US Ambassador to Singapore and Chairman of Wagar Global Advisors . Wagar conducted an in-depth conversation on encryption technology development trends, current regulatory environment and other issues .
This is the third time that Justin Sun has participated in the Milken Institute Asia Summit. Previously, Justin Sun attended the eighth summit roundtable forum in 2021 and participated in the discussion of "A New Chapter in the Encryption Industry". In 2022, he attended the ninth summit and Milken Institute Asia Summit. Curtis S. Chin, Chairman of the Asia Center of the Kenya Institute of Technology, conducted an in-depth conversation and talked about "Tron's vision of global financial inclusion".
The 2023 Milken Institute Asia Summit is hosted by the Milken Institute, an American non-profit, non-partisan think tank. This year is the tenth and 10th anniversary special conference . As one of the most influential events in Asia, this summit, with the theme of "Bridging Complexity and Opportunity", brings together more than a thousand business leaders, policymakers, academic experts and futurists to discuss digital development, capital access and other key global issues.
TRON’s daily trading volume has surpassed PayPal
Justin Sun founded TRON in 2017 and later became Grenada’s permanent representative to the WTO and Ambassador Extraordinary and Plenipotentiary. He has always been an active promoter and icon of global financial change and the introduction of encryption technology to sovereign countries , and has always been committed to providing services to more sovereign countries. economic growth provides new prospects.
Justin Sun talked about his challenges in promoting encryption use cases to the traditional world and financial institutions at this summit, particularly emphasizing the importance of stable coins : "I think encryption and blockchain technology have huge applications in global settlement and payment systems. Scenario." Taking TRON as an example, he pointed out: "In fact, TRON has a daily transaction volume of more than 12 billion US dollars, which is higher than PayPal's daily transaction volume, but the transaction cost is much lower."
Justin Sun pointed out that globally, regions such as Nigeria, Uganda, and Kenya have huge currency transaction volumes, but the banking infrastructure in these regions is very poor and difficult to develop. “ Blockchain is a very low-cost solution that can provide financial services to people in Africa who lack traditional financial services . Many people in these regions are starting to use crypto as a daily payment solution through the TRON network and a decentralized approach. For payments, cryptocurrency truly solves people’s lives and real-world dilemmas.”
Currently, TRON has built a stablecoin ecosystem including USDT, USDC, TUSD, USDJ and USDD , covering various stablecoin businesses such as high circulation, compliance, decentralization and high mortgage rate. TRON has the largest circulating volume of over 42.8 billion USDT in the entire network, accounting for more than half of the market circulation share and becoming the number one in the industry.
With hundreds of millions of users and the largest circulation of mainstream stablecoins, for Justin Sun and TRON, a prosperous ecosystem has become a natural development goal. Continuously providing users and regulators with more reliable and transparent infrastructure is the key to a prosperous global financial system. prerequisites .
In this regard, Sun Yuchen said: "This year we have cooperated with some data analysis companies to help analyze encrypted transaction data to further prevent illegal uses. We have made progress in both use cases and supervision, and I think the regulatory framework also needs these tools as Effective supervision can only be carried out based on the basics, so we have made a lot of technical preparations.”
Passive reshuffle and proactive change under the new regulatory landscape
The Web3 field is undergoing changes and innovations all the time. The existing industry development and realistic regulatory landscape are also triggering a new reshuffle in the encryption industry . The innovative exploration of Justin Sun and TRON has never stopped.
Realizing that RWA is the most promising entry point for global institutions, governments and enterprises to enter Web3, on July 3, the TRON ecosystem launched its first RWA track product, stUSDT, and ran it through the decentralized platform JustLend. As another major event of great practical significance that occurred on TRON, the news was reported by authoritative international media including Bloomberg, Yahoo Finance, CoinMarketCap and CryptoSlate.
Authoritative international media have intensively reported on the launch of stUSDT, reflecting the application of blockchain technology in the field of real-world assets, the development of the encrypted digital asset industry, the innovation of DeFi, and the diversity of the TRON ecosystem.
Sun Yuchen said at this Asia Summit that the first way to eliminate the views and doubts of sovereign countries such as the United States that they are optimistic about blockchain (technology) but not cryptocurrencies (currencies) is to ensure transparency, decentralization and transparency . It was Satoshi Nakamoto’s original intention to invent Bitcoin, which is also very important to regulators .
Justin Sun said: “As the founder of TRON, I have always been committed to decentralization. Like many public chains such as Ethereum, Solana and Ripple, TRON is run by thousands of global nodes, which also makes supervision The institution feels reassured because it is transparent and decentralized. This is similar to my experience at the WTO, which has also always advocated transparency and decentralization. These two points are necessary if consensus from all over the world is to be truly achieved. Transparency and decentralization apply not only to crypto, but also to trade and diplomacy. ”
By September 2023, TRON has reached 184 million global users, has processed more than 6.4 billion transactions, and has a total lock-up volume (TVL) of more than 13.4 billion US dollars, ranking second in the industry after Ethereum. It has demonstrated full development resilience during market turbulence cycles.
Stand in Asia and layout the world
Since the Financial Secretary of the Hong Kong Special Administrative Region of China issued a virtual asset development policy declaration on October 31 last year, Japan and South Korea have also frequently released friendly signals towards Web3.0. In the early stages of the development of the encryption industry, South Korea, Japan and Hong Kong, China are the representatives. The Asian region is an important force in cryptocurrency worldwide.
Sun Yuchen bluntly stated at this summit: " I am optimistic about Asia's encryption diplomacy . We started here (Asia), and Asia has become one of the most important encryption centers in the world. Especially after the US Securities Regulatory Commission has adopted a series of relatively After aggressive regulatory actions, many top US investment institutions such as A16Z also began to move to the UK and Singapore. I think this is undoubtedly a good thing for crypto, we need more regional decentralization.”
Justin Sun shared his efforts to promote friendly encryption regulations in Asia: "I have spent most of the past three years in Singapore, Hong Kong, South Korea and Japan, and I think we can advance the US encryption agenda after achieving success in Asia. This It can also provide more use cases and regulatory clarity to make regulators feel comfortable. ”
In Sun's view, the biggest problem in the United States is not the regulations themselves, but the ambiguity of the regulatory framework : "Many people in the industry have no idea what they should do to comply. This is exactly the problem. I think even the regulatory frameworks in Japan and South Korea It is also very strict, but people are still willing to invest in these areas because it provides regulatory clarity . People know what they can and cannot do. For example, TRON took a long time to obtain a license from the Japanese FSA (Japan Financial Services Agency). Although the process takes 2-3 years, it is very important to at least be able to operate in Japan with certainty. Hong Kong, China, also has a good development trend, although its supervision is also very strict. "
A series of recent "open licensing" policies Friendly changes indicate a new historical stage for the Asian encryption industry. In order to actively follow the new pattern of Web3.0 "rising in the east and falling in the west" and promoting global mainstream markets to embrace Web3.0, Justin Sun spared no effort to build an Asian Web3.0 center and made continuous moves.
As Justin Sun said at this summit, the encryption industry is still in a very early stage. Although we have spent 10 years of development, most of the infrastructure still has many imperfections. We have a long way to go before encryption can gain mass adoption. Neither regulatory obstacles nor bear-to-bull conversions can stop a large number of talents and users from entering the crypto world .
The encryption industry has a unique advantage in solving real-world problems. As the encryption industry continues to develop and successful cases continue to emerge, it is only a matter of time before it is recognized by regulatory authorities around the world. As Justin Sun said, "I believe that encryption can enter mainstream usage scenarios in the next 5-10 years and eventually be adopted on a large scale in the real world."