From the JST Q4 2025 report, it is clear that this project rooted in the TRON ecosystem is putting long-term value construction into practice. Unlike some projects that remain at the conceptual stage, JST this quarter has demonstrated its strength with tangible development and data, especially with the implementation of the buyback and burn mechanism and the stable operation of JustLend DAO, which constitute core supportive factors.
The market's response to positive news has always been direct. In the fourth quarter of 2025, the Binance spot market$JST prices have been running in the range of 0.03 USDT to 0.045 USDT, and since the buyback and burn proposal was passed on October 21, the price has steadily strengthened from 0.032 USDT, reaching a high of 0.045 USDT on December 3, with a cumulative increase of 40%. As of January 21, 2026, the JST price has stabilized at $0.04364, and this trend shows the market's rational recognition of the project's value.
$JST Already listed on mainstream centralized and decentralized exchanges such as Binance, HTX, OKX, Bybit, Upbit, and Kraken, with sufficient market depth on leading platforms, and remains active in local fiat trading pairs in South Korea, providing a solid liquidity base for subsequent price increases.
Of course, the key to strengthening the JST price is still the solid fundamentals of JustLend DAO. As the core lending and fund scheduling hub of the TRON ecosystem, JustLend DAO delivered impressive results in Q4: TVL reached $6.81 billion, total users exceeded 480,708, and its core ecological position is solid.
The business aspect is flourishing in multiple areas, with the SBM market deposit scale reaching $4.03 billion, corresponding to a loan scale of $205 million, maintaining a stable utilization rate; the sTRX business performed outstandingly, with a staking amount of 9,327,420,158 TRX in Q4, involving 13,666 users, becoming a key source of stable income for the protocol and funds for JST repurchase and destruction; the energy leasing business is also continuously optimized, adjusting rates multiple times and lowering the minimum deposit to 20 TRX, effectively reducing users' on-chain interaction costs and further strengthening the protocol's role in the resource market infrastructure.
The transparency of revenue and capital reserves further supports this stability with data. JustLend DAO continuously creates revenue through SBM, staking TRX, energy leasing, etc., with a cumulative extraction from reserves, SBM contributing $2,251,101.29, sTRX contributing $68,817,937.00, and after deducting cleaned bad debts of -$1,368,982.95, the current available reserve is $2,997,808.45, with existing SBM reserves of $2,763,018.00 and sTRX reserves of $1,800,389.00, providing clear and traceable funding pathways.
The team has launched a dedicated disclosure page for JustLend DAO and USDD, concentrating on displaying treasury reserves, repurchase and destruction fund pool balances, executed amounts, and on-chain transaction records, allowing the community to track fund movements in real-time. This level of transparency is particularly rare in the industry and further enhances holder confidence.
As of the report's release, the treasury and repurchase and destruction reserve address holds 133,619,965.8 sTRX and 2,182,538,831.4 jUSDT as core reserves, with approximately $31,020,748.77 in equivalent assets to be used in phases for subsequent repurchase and destruction, ensuring sufficient capital security.
The implementation of the JST repurchase and destruction mechanism is the most iconic value action of Q4. On October 21, 2025, the JustLend DAO community completed the first round of repurchase and destruction the day after the proposal, achieving maximum efficiency. The entire Q4 completed the first round of destruction of 559,890,753 JST, accounting for 5.66% of the total supply; in January 2026, based on Q4 net income and historical carried forward income, approximately $21 million was extracted to complete the second round of destruction of 525,000,000 tokens.
A total of 1,084,890,753 JST was destroyed in two rounds, accounting for 10.96% of the total supply, with a total amount of $38,726,141. This substantial destruction directly reduces the token circulation and strengthens JST's value capture ability, tightening the binding of protocol revenue and token value.
As the only governance and value capture token of the JUST ecosystem, the core advantage of JST lies in its deep binding with JustLend DAO. Holders can participate in key decisions such as interest rate parameters, collateral assets, and fund usage through proposal voting, forming a closed loop between protocol development and their long-term interests. This governance mechanism ensures the sustainability of project development.
As the leading lending platform in the #TRON ecosystem, JustLend DAO relies on TRON's strong stablecoin ecological foundation, with promising growth space in the future. According to the plan, the next quarter's JST repurchase and destruction will invest about $21 million, funded by predicted income from sTRX business of $10.9 million, existing income of $10 million, and last quarter's surplus, with a clear path for subsequent value release.
In Q4 2025, JST completed a key step from mechanism implementation to value realization. The robust operation of JustLend DAO provides continuous cash flow, the repurchase and destruction solidifies the value baseline, the transparent system enhances market trust, and combined with the flow bonus of the TRON ecosystem, the project's long-term investment value becomes more prominent. The current market has given positive feedback, and with the continued advancement of subsequent repurchase and destruction and further improvement of the business ecosystem, JST's potential for price increase is expected to continue to be released, making it worthy of long-term attention and layout.
