New York, USA – Media OutReach – September 6, 2023 – On September 5, Justin Sun, founder of TRON and member of the Huobi Global Advisory Committee, was invited to KBW 2023 to have an in-depth conversation with Ronnie Levi, Client Relations Director at MarketAcross, on the theme of “Asia Rise, Milestones and Innovation”. During the conversation, Sun clarified that despite the aggressive suppression policy of the US, crypto technology remains a global strategic initiative in which all stakeholders will inevitably be involved. Dollar-pegged stablecoins will continue to show strong momentum in Asia, mainly due to the regional regulatory environment. This trend is expected to continue into the Web 3.0 era, and at the same time, the Asia narrative is poised to re-establish its mainstream status.
Crypto companies compete for market share in Asia, spurring growth of global sector
During the conversation, Justin Sun explained that South Korea is a somewhat isolated region in the crypto world, with muted enthusiasm for decentralized finance (DeFi). However, the Korean market remains of great importance to technology developers, which is why TRON values the Korean jurisdiction. Currently boasting the largest USDT circulation within the TRON network, it is also poised to promote stUSDT as the preeminent DeFi protocol.
Currently, dollar-pegged stablecoins continue to perform strongly in the Asian market and have emerged as the dominant stablecoin in the region. Justin Sun attributes this phenomenon to the regulatory environment in Asia, especially in heavily regulated countries such as South Korea and China. More and more individuals in Asia are choosing to hold stablecoins, providing a huge market opportunity for cryptocurrency companies.
Justin Sun highlighted that Hong Kong, which plays a key role in the Asian cryptocurrency market, has been through volatility. Once a favored home for cryptocurrency exchanges, stricter cryptocurrency policies in China led to the decline of several outstanding projects. Recently, however, the Hong Kong government has adopted more permissive policies in an attempt to once again increase the city's attractiveness to cryptocurrency companies. This competitive dynamic has pushed Singapore into action to maintain its regional leadership. The competitive interplay between Hong Kong and Singapore will invigorate the global cryptocurrency industry, providing a wider range of options for both investors and entrepreneurs.
In addition, the global cryptocurrency landscape is in a turbulent period, with the regulatory environment and waves of innovation constantly changing. The actions of the U.S. Securities and Exchange Commission (SEC) have forced some projects to realign their focus to Asia and other regions, promoting greater decentralization. This is in line with the essential spirit of crypto assets, which emphasizes decentralization and global protocols. The current evolutionary stage of cryptocurrencies mirrors the early stage of the Internet, which is destined to eventually penetrate the world. Justin Sun emphasized that crypto platforms, including TRON, should allocate resources not only to the United States, but also to regions such as Korea, Japan, and Southeast Asia, and actively engage in global strategies to promote the rapid growth of cryptocurrency markets around the world.
Cryptocurrency sector continues to innovate: market poised to enter new cycle over next two years
After more than a year of bear market, Justin Sun maintains an optimistic outlook and predicts the market will enter a new bull cycle within the next two years. The industry has been undergoing a deleveraging process over the past year and needs time to absorb the market shock caused by the liquidity crisis faced by companies such as 3AC and FTX.
Justin Sun believes that the entire industry will need time to regain confidence and sustain development as well. On a personal note, this year marks his 11th year in business. While most of his peers have chosen to retire, he remains invigorated by the novel developments that emerge every day. Over a decade of industry evolution has given rise to numerous innovative products, stablecoins being one example. This allows everyone to participate in on-chain transactions in a convenient and cost-effective way. In the case of TRON, around 2 million people use the network to send money every day. While they may not fully understand its basic mechanics, this has already established an obvious trend. Recent developments such as RWA, ZK, and LSD may not have made a lasting impression on the majority of people yet, mainly because the current bear market naturally dampens enthusiasm and distracts attention from new developments in the industry.
Justin Sun argues that during bear markets, it is essential for everyone to continue development and support other companies and projects that are facing difficulties. He recently revealed that he not only helped resolve the financial difficulties of DeFi protocol Curve, but also convinced many of his acquaintances to invest in Curve, saying that “developers are one of the most important foundations of the industry.”
TRON boasts a very robust DeFi and stablecoin ecosystem and is poised to foster a collaborative user experience. This feature reduces transaction costs and brings community benefits. “Besides core and independent developers, we are very active in helping others develop on the TRON platform,” Justin Sun declares.
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