Sun Yuchen's Tale of Two Cities: From Singapore to Hong Kong, Tracing TRON's Transformation
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Sun Yuchen's Tale of Two Cities: From Singapore to Hong Kong, Tracing TRON's Transformation
Following Singapore, Hong Kong is clearly set to become another springboard for Justin Sun, ultimately realizing his vision of building a decentralized metaverse.
Navigating Web3 tides with focused insightsAs Hong Kong advances its new cryptocurrency policies, Justin Sun, founder of TRON and member of Huobi Global Advisory Board, is accelerating his expansion into Hong Kong.
For Justin Sun, Singapore and Hong Kong are the two most important cities in his entrepreneurial journey.
During a time of policy uncertainty and turbulence, Singapore became the revival ground where Justin Sun could continue pursuing his ambitions. Using open-minded Singapore as a base, he laid out TRON's blueprint for global operations.
Today, under Justin Sun’s leadership, TRON has undergone a remarkable transformation—its user count, transaction volume, and asset capacity have all grown by several magnitudes. From concept to real-world implementation, and now emerging as critical infrastructure within the crypto industry, TRON’s achievements stand out.
With Hong Kong reforming its crypto regulations, Justin Sun is thrilled. He now aims to seize this wave of opportunity from the East, elevating TRON to a higher level and ultimately realizing his vision of building a decentralized metaverse.
Moving to Singapore: An Inevitable Step Toward Globalization
2017 was a landmark year inscribed in crypto history, when cryptocurrencies gradually moved from niche circles into mainstream awareness.
That year saw an unprecedented boom in the crypto industry. Prices and market capitalizations of major cryptocurrencies like Bitcoin reached record highs, drawing massive investor and entrepreneur interest. At the same time, smart contract platforms rapidly evolved, spawning numerous blockchain-based innovative applications.
In September of that year, Justin Sun founded TRON in China, aiming to serve as foundational decentralized public chain infrastructure in the crypto world. Although it emerged during a golden era of technological advancement, the chaotic growth of emerging industries inevitably brought noise, hype, and fraud. Eventually, regulatory crackdowns followed.
The sudden "94" ban severely restricted cryptocurrency development in China. Under pressure, domestic crypto projects were forced to seek overseas expansion. This was not only a pragmatic necessity but also an inevitable step toward internationalization.
At the time, the crypto industry resembled a rudderless boat adrift at sea, desperately seeking a safe harbor. TRON was no exception. After careful deliberation, Justin Sun chose Singapore.
Singapore is widely recognized as a global financial hub. TRON’s choice of Singapore was therefore grounded in rational considerations.
On one hand, Singaporean regulators have taken a proactive stance on cryptocurrencies and blockchain. While maintaining strict oversight, they offer clear and transparent rules, creating a favorable business environment and fostering innovation.
On the other hand, Singapore boasts stable political and economic conditions and aspires to become a global center for technology and innovation—factors that attract businesses and investors worldwide. Its multicultural, multilingual national identity offers strong inclusivity for the borderless crypto industry.
From Singapore, Justin Sun launched his grand vision of building foundational infrastructure for the crypto industry.
Five Years On: A World of Difference
In less than five years, TRON—a project originally born in China—has transformed beyond recognition.
Latest data shows TRON’s account count has surpassed 145 million, with total transactions exceeding 5 billion. Additionally, TRON ranks second globally in terms of Total Value Locked (TVL) and hosts the world’s second-largest circulating supply of stablecoins.
As one of the most important infrastructures in the crypto space, TRON’s performance metrics are impressive. Particularly notable is its position as the second-largest blockchain network by TVL and second-largest stablecoin issuer globally—evidence that TRON has become a major player in the global crypto ecosystem, capable of meeting growing demand for digital assets.
Notably, TRON has made solid progress across key industry sectors such as DeFi, NFTs, stablecoins, metaverse, GameFi, cross-chain interoperability, and DID (Decentralized Identity). As its on-chain ecosystem diversifies, the architecture of TRON’s metaverse vision is becoming increasingly clear.
Most importantly, while continuously improving platform capabilities and attracting users, TRON has actively pursued compliance. After becoming Dominica’s national public blockchain last October, earlier this year Sint Maarten—a constituent country of the Netherlands—initiated legislative procedures to designate TRON as its national blockchain infrastructure and grant TRON-based tokens legal tender status.
Through sustained expansion and strategic operations, TRON’s native token TRX has gained significant attention. It has been listed on compliant global crypto exchanges and even entered traditional financial platforms. The VanEck TRON ETN (VTRX), a TRON-based exchange-traded note, received approval from Germany’s financial regulator and is now listed on Deutsche Börse and other European exchanges across 14 countries.
From a simple idea to a nascent metaverse framework recognized and adopted by sovereign nations, TRON achieved this in under five years. During this period, TRON secured a prominent place in the crypto world, and Justin Sun leveraged these accomplishments to gain influence in the industry, repeatedly stepping forward during its darkest moments as a “key man” for the sector.
Entering Hong Kong: Justin Sun’s New Beacon of Hope
As a Chinese entrepreneur, Justin Sun naturally holds special sentiment and high expectations for Chinese-speaking regions. When Hong Kong signaled its friendly stance toward the crypto industry last year, he promptly voiced strong support for Hong Kong’s initiatives.
In the "Policy Statement on Development of Virtual Assets in Hong Kong" released in October last year, the SAR government outlined its vision and strategy for the virtual asset sector—adopting an open and inclusive approach to support innovation and ecosystem growth, while ensuring investor protection and financial stability. The government also pledged concrete measures to promote compliant development of cryptocurrencies in Hong Kong.
Justin Sun has publicly stated on multiple occasions that he is highly optimistic about the future development of the crypto industry in Hong Kong.
“I believe Hong Kong has a stronger foundation for developing cryptocurrencies due to its superior international standing and more advanced financial infrastructure. Hong Kong can act as a testing ground—showcasing feedback and outcomes once crypto adoption begins. This is precisely why I am so bullish on Hong Kong’s new crypto policies,” said Justin Sun.
For Justin Sun and TRON, entering Hong Kong presents tremendous opportunities.
First, guided and supported by Hong Kong’s new crypto policies, TRON can further enhance compliance and trustworthiness in areas such as stablecoins, NFTs, and exchange services, attracting more institutional and individual users to its platforms and products.
Second, leveraging Hong Kong’s openness and inclusiveness, TRON can expand its influence and partnerships across Asia and globally, engaging in deeper collaboration with leading virtual asset trading and management platforms, licensed financial institutions, top-tier investment firms, and Web3 entrepreneurs.
Third, guided by Hong Kong’s forward-thinking and innovative policies, TRON can explore new frontiers in emerging fields such as Web3 and the metaverse, unlocking greater value and benefits for its platforms and products.
Following Singapore, Hong Kong is clearly set to become another springboard for Justin Sun—one that will help him realize his dream of building a decentralized metaverse. “With its unique geographical advantage of ‘backed by mainland China, connected to the world,’ plus abundant university resources, Hong Kong holds many cards to drive crypto industry development,” said Justin Sun, who has already entered the market with great anticipation.
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