贾斯汀·孙（Justin Sun）的TRX ETF提交标志着TRON网络的新章节

本月早些时候，美国著名资产管理公司Canary Capital正式向美国证券交易委员会（SEC）正式向TRX ETF提交了S-1注册声明。

Canary Capital, the U.S. asset management firm, has officially filed an S-1 registration statement with the Securities and Exchange Commission (SEC) for a TRX ETF, marking a significant milestone in TRON's journey toward mainstream integration in the U.S. capital markets.

美国资产管理公司Canary Capital已正式向美国证券交易委员会（SEC）提交了S-1登记声明，以标志着TRON在美国资本市场中迈向主流整合的旅程中的重要里程碑。

This filing marks the first time TRON will be attempting to enter the U.S. capital market in a fully compliant manner. It’s a high-stakes regulatory bet and a strategic rebranding move for the network.

该文件标志着Tron首次尝试以完全合规的方式进入美国资本市场。这是一个高风险的监管赌注，也是网络的战略性更高品牌的举动。

While some projects in the crypto market since 2017 have capitalized on meme coin hype or achieved rapid wealth through regulatory arbitrage, and many others have opted for indirect listings to circumvent SEC oversight, Justin Sun has been focused on principles of inheritance, perseverance, and building. For more than a decade, Sun has maintained his belief that an industry can only enjoy longevity with sustained regulatory compliance and industry faith.

虽然自2017年以来的加密市场中的某些项目已经大写了模因硬币炒作或通过监管套利实现了快速财富，而许多其他项目选择了间接清单来避免SEC的监督，但贾斯汀·孙一直专注于遗产，毅力和建筑物的原则。十多年来，Sun一直坚持自己的信念，即行业只能以持续的监管合规性和行业信仰享受寿命。

This conviction has led TRON to become the leading ‘on-chain dollar’ network, with its network's USDT issuance holding over 30% of the stablecoin market share. But TRX is only one part of a much larger playbook.

这种信念使特隆成为领先的“链美元”网络，其网络的USDT发行占Stablecoin市场份额的30％以上。但是TRX只是一本更大的剧本的一部分。

Behind the scenes, Sun has been assembling a triad of infrastructure, liquidity, and stability — all rooted in a commitment to compliance: TRON, the HTX exchange, and the USDD stablecoin — a three-pronged strategy designed to create a self-sustaining Web3 ecosystem.

在幕后，Sun一直在组装基础架构，流动性和稳定性的三合会 - 所有这些都植根于对合规性的承诺：TRON，HTX Exchange和USDD StableCoin，这是一种三方面的策略，旨在创建自我维持的Web3 EcoSystem。

HTX Exchange: The Engine Driving Ecosystem Growth

HTX交换：发动机驱动生态系统增长

TRON may be the foundational layer, but HTX is the gateway.

Tron可能是基础层，但HTX是网关。

The primary user onboarding platform in Sun's ecosystem, HTX serves as both a traffic hub and liquidity driver. And despite Q1 2025 being a down period for the market, HTX defied gravity.

HTX是Sun生态系统中的主要用户登机平台，既是交通中心和流动性驱动程序。尽管第1季度2025年是市场的缩短时期，但HTX还是违反了重力。

According to CoinGecko's Q1 2025 Crypto Industry Report, HTX was the only top-10 exchange to register spot trading growth. While the total crypto market cap fell 18.6%, HTX saw a 11.4% quarter-over-quarter increase in spot volume — outperforming peers who faced declines ranging from 1.8% to 34.0%.

根据Coingecko的第1季度2025 Crypto行业报告，HTX是唯一注册现货交易增长的前十名交易所。尽管加密货币市值下降了18.6％，但HTX的现货量增加了11.4％的四分之一季度 - 表现优于面临的同行，他们面临的范围从1.8％到34.0％。

Beyond trading, HTX's product suite — derivatives, earn, staking — has seen rapid enhancements. By optimizing fees, expanding yield options, and diversifying offerings, the platform has significantly improved user retention.

除了交易之外，HTX的产品套件（衍生品，赚钱，积分）已经快速增强。通过优化费用，扩大收益率选择和多样化的产品，该平台可显着改善用户的保留率。

Recently, HTX has also inked partnerships with Fireblocks and other institutional-grade infrastructure providers to further its commitment to safe, compliant trading.

最近，HTX还与Fireblocks和其他机构级基础设施提供商建立了合作伙伴关系，以进一步促进其对安全，合规性交易的承诺。

Perhaps most impressively, HTX has become the launchpad for Sunpump, TRON's Meme ecosystem. Through tightly integrated token launches, staking rewards, and airdrops, HTX now enables a full go-to-market funnel for emerging Web3 projects, converting curiosity into actual user participation.

也许最令人印象深刻的是，HTX已成为Tron Meme生态系统Sunpump的发射台。通过紧密集成的令牌启动，积分奖励和Airdrops，HTX现在可以为新兴的Web3项目提供完整的上市漏斗，从而将好奇心转换为实际用户参与。

This kind of resilience in a bear market isn't just about business — it's about ecosystem durability.

在熊市中，这种韧性不仅仅是关于生态系统耐用性。

USDD: The Decentralized Dollar with Global Ambitions

USDD：具有全球野心的分散美元

No ecosystem is complete without a stablecoin, and Sun has made his move here as well.

没有稳定的人，没有任何生态系统是完整的，太阳也在这里搬到这里。

USDD is a decentralized stablecoin project on the TRON blockchain. Officially launched on May 5, 2022, it was upgraded to USDD 2.0 on January 25th this year. USDD 2.0 relies on over-collateralization, liquidation auctions, risk management modules, PSM (Peg Stability Module), and decentralized governance to maintain a 1:1 USD peg. Furthermore, USDD possesses stability and multiple security measures.

USDD是TRON区块链上的一个分散的Stablecoin项目。该公司于2022年5月5日正式启动，于今年1月25日升级为USDD 2.0。 USDD 2.0依赖于过度的物质化，清算拍卖，风险管理模块，PSM（PEG稳定模块）和分散的治理来维持1：1 USD PEG。此外，USDD具有稳定性和多种安全措施。

As of April 21, USDD 2.0 has surpassed 350 million in circulation, which reflects the growing global adoption of the token. This widespread user adoption indicates USDD's steadily increasing prominence within the DeFi community.

截至4月21日，USDD 2.0的流通量已超过3.5亿，这反映了全球对代币的采用日益增长。这种广泛的用户采用表明，USDD在Defi社区中的稳步提高。

USDD is more than just a token; it's Sun's answer to financial sovereignty — a decentralized alternative for traditional payments and cross-border asset flows.

USDD不仅仅是一个令牌；这是对财务主权的答案，这是传统支付和跨境资产流的分散替代方案。

Breaking the Web3 Trilemma?

打破Web3三元素？

Justin Sun has long been called the "engine of contrarian growth." Ever since gracing the cover of Forbes, Sun has positioned himself as someone seeking to solve the impossible trinity of crypto: regulatory compliance, technical decentralization, and mass adoption.

贾斯汀·孙长期以来一直被称为“逆势增长引擎”。自从掩盖福布斯的掩护以来，孙就将自己定位为寻求解决不可能的加密三位一体的人：监管合规，技术权力下放和大规模收养。

With the TRX ETF targeting traditional finance, HTX capturing crypto-native liquidity, and USDD anchoring real-world utility — he may finally be close.

凭借针对传统金融的TRX ETF，HTX捕获了加密本地流动性，并锚定了现实世界实用程序的USDD - 他最终可能会很接近。

The TRX ETF filing isn't just paperwork. It's a signal that TRON, and by extension Sun's broader empire, is ready to bridge Web3 with Wall Street.

TRX ETF申请不仅仅是文书工作。这是特隆（Tron）和扩展太阳（Sun）更广泛的帝国的信号，准备与华尔街（Wall Street）桥接Web3。

If this bet pays off, Sun's oft-repeated vision — "Achieve financial freedom for 8 billion people on Earth," — may evolve from slogan to strategy, and eventually, to reality.

如果这是有回报的，那么Sun经常重复的愿景“实现地球上80亿人的财务自由”，可能会从口号到战略，最终发展到现实。