Decrypting Forbes' Selection Criteria: Why Sun Yuchen?
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Decrypting Forbes' Selection Criteria: Why Sun Yuchen?
From the shores of Yunqi Lake to the crypto empire: How a new generation of Chinese entrepreneurs is conquering global power structures
Navigating Web3 tides with focused insightsIn March 2025, Justin Sun graced the cover of the English edition of Forbes, with the headline boldly proclaiming "The crypto billionaire who helped the Trumps earn $400 million". This marks the second time a Chinese entrepreneur has appeared on the English cover of Forbes since Jack Ma, and globally, Sun becomes only the fourth exchange leader to achieve this honor—preceded solely by Binance’s Changpeng Zhao (CZ), FTX’s Sam Bankman-Fried (SBF), and Coinbase’s Brian Armstrong.
As the Forbes cover transitions from Jack Ma, the visionary behind "West Lake Dialogues," to Justin Sun, the evangelist of crypto, a symbolic shift in commercial power is unfolding: traditional internet titans are yielding to a new generation of crypto elites, as Chinese entrepreneurs evolve from "followers" into "rule-makers."
The Forbes Cover Code: Who Defines the New Era's Business Benchmark?
Selection for the Forbes cover is never arbitrary. From Bill Gates to Elon Musk, from Jack Ma to Justin Sun, two ironclad principles have consistently guided the choices: "quantifiable business dominance" and "irreplaceable rule-defining authority."
In the era of traditional business, Jack Ma became the first Chinese entrepreneur on the English cover of Forbes by leveraging Alibaba’s GMV miracle and his vision of “making business easier for everyone.” The logic was clear and singular at the time: whoever epitomized China’s explosive market growth would capture the world’s media spotlight.
But in the age of crypto, Forbes' value axis is shifting. When Justin Sun and TRON, along with HTX, appear on the cover, judges are no longer looking just at trading volume or user count—they are assessing the potential to “technologically reshape the global financial order.”
Justin Sun’s “Triple Advantage”: Technology, Capital, and Brand Power
1. Technological Infrastructure: The Invisible Dominator of Global Payments
“More than half of all USDT issuance once occurred on TRON because transaction fees were significantly cheaper,” Tether CEO Paolo Ardoino said in an interview, praising TRON.
According to the latest data from the TRON network, its Total Value Locked (TVL) has surpassed $19.7 billion, serving nearly 300 million users. Its USDT liquidity exceeds $66.6 billion, processing over 14 million USDT transactions weekly—accounting for more than half of global USDT activity. This means tens of millions of users are seamlessly operating within the payment network built by Justin Sun.
2. Commercial Breakthrough: When Crypto Meets Traditional Power
In 2024, Justin Sun took on a new role as advisor to the Trump family’s cryptocurrency project WLFI (World Liberty Financial), investing $75 million and becoming its largest backer. These collaborations represent a textbook case of “political capital monetization”: cryptocurrencies have become fundraising tools and battlegrounds in a U.S. presidential election cycle for the first time.
“This proves that digital assets are no longer geek toys but strategic weapons capable of influencing real-world power,” Forbes wrote in its cover story.
3. Brand Building: HTX’s Countercyclical Growth
At the darkest hour of the industry-wide trust crisis triggered by FTX’s collapse, Justin Sun led HTX through a “radical transformation”:
- Security: As of March 2025, HTX has published proof-of-reserves exceeding 100% for 29 consecutive months, institutionalizing its “Monthly Security Reports.” It has built a blacklisted address database in the millions, partnered with authoritative organizations on anti-money laundering databases, implemented over a thousand real-time risk rules, and developed nearly a hundred risk models to prevent suspicious inflows and safeguard user funds;
- Wealth: In Q1, it listed 47 new assets across trending sectors including Meme, AI, and public blockchains; the popular token $TRUMP surged over 400% in a single day; its first Launchpool event attracted more than 150,000 participants;
- Ecosystem: The number of holders of HTX DAO governance token $HTX approaches 760,000; daily trading volume in the TRON ecosystem’s trading competition exceeded $14 million.
According to CoinDesk Data’s industry report released on February 27, HTX has achieved remarkable success in global expansion, ranking among the top three globally in euro stablecoin trading volume, with growing competitiveness in international markets. Meanwhile, HTX was named one of the “Forbes 2025 Top 25 Most Trusted Cryptocurrency Exchanges Worldwide.”
The Ecosystem Behind the Cover: What Kind of Business Leader Does China Need?
When Jack Ma appeared on the Forbes cover in 20This deeper shift stems from a hidden resonance between the crypto industry and China’s commercial DNA:
- Technological Pragmatism: Unlike the West’s fixation on “decentralization fundamentalism,” Justin Sun excels at embedding blockchain technology into real-world needs. Whether it’s TRON’s compliant collaboration with Huawei Cloud or HTX’s “curated listing” strategy, both reflect a distinctly Chinese philosophy of practicality.
- Scalability Strategy: From TRON’s $10 million Meme ecosystem incentive program to HTX DAO’s innovative decentralized governance model, Sun understands the Web3 principle that “community is core, users are foundation.”
- Regulatory Navigation: While U.S. exchanges retreat under regulatory pressure, Sun has secured footholds in Eurasian markets by becoming Prime Minister of the Republic of Liberland and obtaining compliance licenses in multiple jurisdictions.
At just 35 years old, Justin Sun’s appearance on the global Forbes cover signals not an endpoint, but a beginning. As a young leader in the crypto space, he represents not only the vast potential of the industry but also mainstream society’s curiosity and expectations toward crypto. As Sun once said during a livestream: “We can prove to the world that the crypto industry can represent Chinese identity and interests internationally.” He has demonstrated that Chinese entrepreneurs can command industry话语权 without relying solely on the domestic market.
When the Cover Becomes a Starting Point: The Encoder of New Rules
The true significance of the Forbes cover may lie in unveiling a new script for Chinese entrepreneurs going global:
- Jack Ma Era: Leveraging the红利 of China’s domestic market to export the “Made-in-China” business model;
- Justin Sun Era: Bypassing geopolitical barriers to build a commercial empire “born global, grown global” through crypto technology.
Justin Sun’s challenge has only just begun—he must now prove that this crypto empire is not a fleeting capital game, but a next-generation infrastructure rivaling Alibaba and Tencent. As Sun remarked in a livestream: “This is indeed a milestone, but only the beginning.”
At this moment, we may be witnessing history unfold: as the entrepreneurial legends by West Lake gradually fade, a new generation of Chinese leaders is already writing the prologue of a new global order across the ocean.
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