NEW YORK, USA – Media OutReach – September 6, 2023 – On September 5, Justin Sun, founder of TRON and member of the Huobi Global Advisory Board, was invited to attend KBW 2023, where he engaged in an in-depth dialogue on on the theme “Asian Ancestry, Milestones and Innovations” with Ronnie Levi, Director of Client Relations at MarketAcross. During the conversation, Sun explained that despite the United States’ aggressive enforcement policies, crypto technology remains a global strategic initiative in which all stakeholders will inevitably participate. Dollar-pegged stablecoins will continue to demonstrate robust momentum in Asia, primarily attributed to the region’s regulatory landscape. This trend will persist in the Web 3.0 era, and at the same time, Asian narratives are poised to re-establish their mainstream prominence.
Crypto companies compete for Asian market share, catalyzing accelerated growth in the global sector
During the conversation, Justin Sun explained that South Korea represents a somewhat insular region in the crypto landscape, showing modest enthusiasm for decentralized finance (DeFi). However, for technology developers, the South Korean market remains of considerable importance. Therefore, TRON places great importance on South Korean jurisdiction. Currently boasting the largest circulation of USDT within the TRON network, it is also poised to champion stUSDT as the preeminent DeFi protocol.
Currently, dollar-pegged stablecoins continue to show robust performance in Asian markets, becoming the dominant stablecoin in the region. Justin Sun attributes this phenomenon to the Asian regulatory landscape, particularly in tightly regulated countries like South Korea and China. A growing number of individuals are choosing to hold stablecoins in Asia, providing crypto companies with significant market opportunities.
Justin Sun pointed out that Hong Kong, a central player in the Asian cryptocurrency market, has experienced fluctuations. While it was once a favored hub for cryptocurrency exchanges, China’s tightening cryptocurrency policies have led to the attrition of several high-caliber projects. However, recently the Hong Kong government has adopted more accommodating policies in an attempt to rejuvenate its appeal to cryptocurrency businesses. This competitive dynamic has also prompted Singapore to act to preserve its regional leadership. The interplay of the rivalry between Hong Kong and Singapore is expected to reinvigorate the global cryptocurrency industry, providing a wider range of options for investors and entrepreneurs.
Additionally, the global cryptocurrency landscape is experiencing turbulent change, with ever-changing regulatory climates and waves of innovation. Actions by the U.S. Securities and Exchange Commission (SEC) are forcing some projects to refocus on Asia and other regions, facilitating greater decentralization. This fits well with the quintessential crypto asset philosophy, which emphasizes decentralization and global protocols. The current stage of evolution of cryptocurrencies reflects the nascent phases of the Internet, destined to eventually permeate global landscapes. Justin Sun emphasized that crypto platforms, including TRON, should proactively engage in global strategies, allocating resources not only in the United States but also in regions like South Korea, Japan and the United States. Southeast Asia, to catalyze the accelerated growth of the global cryptocurrency market. .
The cryptocurrency sector supports innovation: the market is ready to enter a new cycle in the next two years
Amid a bear market that has persisted for over a year, Justin Sun remains optimistic, predicting that the market is about to enter a new bull cycle in the next two years. The sector has been undergoing a deleveraging process over the past year, requiring time to absorb market shocks resulting from the liquidity crises faced by companies such as 3AC and FTX.
Justin Sun believes that the industry as a whole also needs time to rebuild trust and support its development. On a personal note, this year marks his 11th in entrepreneurship; while most of his peers have opted for retirement, he remains invigorated by the new developments that arise daily. Over a decade of industry evolution has given rise to a plethora of innovative products, stablecoins being one example. These have made it possible for everyone to engage in on-chain transactions conveniently and cost-effectively. In the case of TRON, around two million people use the network for transfers daily; although they may not be fully aware of its underlying mechanisms, it has already established a palpable trend. Other recent developments, such as RWA, ZK and LSD, may have yet to make a lasting impression on the majority, mainly due to the current bear market which naturally dampens enthusiasm and distracts from new industry movements.
Justin Sun says that during a bear market, it is imperative that everyone continues to build and help other businesses and projects mired in challenges. He revealed that he recently not only helped DeFi protocol Curve resolve its financial complications, but also persuaded many acquaintances to invest in Curve, citing that “developers are one of the most important cornerstones most vital in the industry”.
TRON has an exceptionally robust DeFi and stablecoin ecosystem ready to facilitate collaborative user experiences, a feature that serves to mitigate transaction costs and represents a common benefit. “Beyond core and independent developers, we are also very open to helping others with development on the TRON platform,” explains Justin Sun.
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