The S-1 registration application for the TRX ETF is a historic step for Chinese public chains to impact the global financial market.
The face of the Chinese public chain has been born, and Sun Yuchen has once again captured the market's attention.
Recently, American asset management giant Canary Capital officially submitted the S-1 registration statement for the TRX ETF to the U.S. Securities and Exchange Commission (SEC) — the TRX ETF has officially filed its S-1. This marks TRON's first attempt to enter the U.S. capital market as a "regular army" — a compliance gamble and a rebranding effort. Following Sun Yuchen's proud appearance on the cover of Forbes as a Chinese entrepreneur, TRON is also striving to reach unprecedented heights that no Chinese public chain has ever achieved, bringing milestone glory to Chinese Web3.
TRX ETF S-1 registration statement: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm
Looking at the crypto market from 2017 to the present, some projects have harvested traffic with meme coins, some have become overnight millionaires through regulatory arbitrage, and countless projects have bypassed SEC scrutiny under the guise of "indirect listing." However, Sun Yuchen has consistently adhered to the principles of "inheritance, perseverance, and construction" over the past decade, firmly believing that "the longevity of the market relies on compliant regulation and industry faith," which has established TRON's dominance as the "on-chain dollar" — its network's issuance of USDT accounts for over 30% of the stablecoin market.
But his ambitions clearly extend beyond TRON.
Surrounding this established public chain, Sun Yuchen has quietly built a complete crypto ecosystem based on compliance, integrating technical infrastructure, traffic entry, and value anchoring — TRON, HTX exchange, and USDD stablecoin form a trinity, constituting his new strategy of the "three carriages of the crypto world."
Huobi HTX: Sun Yuchen Group's "Traffic Engine + Ecological Hub"
The public chain is just the underlying foundation, while traffic is the essence of ecological operation. In Sun Yuchen's ecological chess game, Huobi HTX plays a key role in attracting and retaining users, truly driving the entire ecological cycle.
How powerful is Huobi HTX?
In the overall "cooling" of the crypto market in Q1 2025, Huobi HTX delivered an impressive performance.
According to the Q1 2025 Crypto Industry Report released by CoinGecko, Huobi HTX is the only platform among the Top 10 exchanges to achieve growth in spot trading volume. Against the backdrop of an 18.6% decline in the total market capitalization of cryptocurrencies, Huobi HTX still achieved a 11.4% quarter-on-quarter increase in spot trading volume, while other Top 10 exchanges generally saw declines in spot trading volume ranging from 1.8% to 34.0%.
Not only in spot trading, but Huobi HTX also shows a strong growth momentum across its entire product system:
User numbers and trading volumes are steadily increasing, especially in the CIS region and markets for euro stablecoins; product lines such as contracts, earning coins, and staking are continuously optimized, significantly improving user retention rates through strategies like fee reductions, yield upgrades, and product diversification.
At the same time, Huobi HTX is also deepening its ecological cooperation: collaborating with global compliance institutions like Fireblocks to further enhance platform security and compliance, improving the overall trading experience.
Notably, the deep cooperation between Huobi HTX and the TRON Meme ecosystem Sunpump not only connects the entire process from traffic warming, initial trading to subsequent staking and airdrop incentives, but also builds a complete "new coin cold start model," continuously bringing Web3 players to the Huobi HTX platform, converting them into trading users and ecological participants.
These achievements demonstrate Huobi HTX's resilience in a "bear market" environment and indirectly prove that Huobi HTX is becoming the most vital part of Sun Yuchen's ecological layout, using trading as an entry point and ecology as a goal.
USDD: The Ambition of Stablecoins
A complete ecosystem cannot be without the "stablecoin" 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 of this year. USDD 2.0 ensures its 1:1 peg to the U.S. dollar through multiple mechanisms such as over-collateralization, liquidation and auction, risk management and real-time monitoring, PSM (Peg Stability Module), and decentralized governance, providing ample stability and multiple security measures.
As of April 21, the total supply of USDD 2.0 has surpassed 350 million, indicating its adoption rate in the global cryptocurrency market continues to rise. This widespread user adoption shows that USDD's position in the DeFi community is steadily climbing.
In Sun Yuchen'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, Sun Yuchen's Dream May Become Reality
In fact, since appearing on the cover of Forbes Global Edition, Sun Yuchen has been continuously referred to in the crypto circle as the "engine of counter-cyclical growth" and the unlocker of the "impossible triangle" in the blockchain field — finding a balance between regulatory compliance, technological innovation, and ecological expansion.
Now, he is attempting to break the "impossible triangle" that plagues all Web3 projects by entering the U.S. capital market with the TRX ETF, using Huobi HTX as a traffic entry point, and driving the on-chain economy with stablecoins:
Regulatory compliance vs. decentralized narrative
User growth vs. market downturn
Project native tokens vs. mainstream financial acceptance
The S-1 registration application for the TRX ETF is a historic step for Chinese public chains to impact the global financial market and a highlight moment for Sun Yuchen's "three carriages" to leverage the "impossible triangle." Once the TRX ETF is successfully launched, Sun Yuchen's vision of "enabling 8 billion people worldwide to achieve financial freedom" may no longer be just a slogan, but a dream that truly comes to fruition.
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