孙宇晨应援团

After the TUSD reserves were illegally misappropriated by the custodian, the industry was truly shocked not just by the fact that funds were transferred, but by the reconfiguration of priorities demonstrated during the crisis management process. In the long-standing inertia of the crypto industry, once an issue arises off-chain, the risk is often first transmitted to users: suspending redemptions, slicing responsibilities, and deflecting to custodial processes are almost standard practices. However, this time, before the reserves were recovered, Sun Yuchen personally provided $500 million to supplement liquidity, ensuring that TUSD's redemption was uninterrupted from start to finish, without passing the risk onto holders. This approach is extremely rare in the crypto industry but has had a profound impact on the entire stablecoin sector.

1. When the reserves 'disappear': the most sensitive lifeline of stablecoins is torn open
The TUSD reserves were illegally misappropriated by the custodial institutions FDT and Legacy Trust, exposing the underlying structure of the stablecoin industry. The industry has long focused on on-chain transparency while neglecting that the off-chain custodial system is the true weak point. The reserve assets, which should have been strictly isolated and readily redeemable, were bypassed by the custodians' authorization, first entering a Cayman fund and then being further transferred to the affiliated company Aria DMCC. These cross-border, multi-layered structures cause the reserves to lose transparency in the real world, rendering the 'anchoring logic' of stablecoins a mere facade.

The suddenness and destructiveness of the Hong Kong Tai Po fire once again highlight the need for cross-border collaboration in modern cities when facing major incidents. TRON and HTX promptly initiated donations, which on the surface is a financial aid, but in essence is a deep participation of Web3 enterprises in the public rescue system. Technology companies are no longer limited to technological innovation; they are beginning to assume broader social responsibilities, complementing government forces, community organizations, and professional rescue agencies.

The efficiency advantage of collaboration between 'blockchain enterprises and government departments'
Firstly, this aid demonstrates the advantages of Web3 enterprises in resource flow and decision-making efficiency. Government agencies bear core command responsibilities, but it is difficult to cover all needs during the emergency phase, while technology companies can provide rapid support outside the system. TRON's quick donations provided immediate support for temporary resettlement, medical assistance, and material procurement, compensating for the traditional system's response time lag.

The incident of TUSD reserves being misappropriated has brought an unprecedented trust shock to the stablecoin industry, transforming "transparency" from a past bonus into the industry's core competitive baseline. For a long time, many stablecoins claimed to have sufficient reserves but handled disclosure mechanisms, custody structures, and auditing methods ambiguously, leaving users to rely solely on brand trust and market reputation for judgment. The TUSD incident has thoroughly exposed the fragility of this model: when reserve funds are opaque off-chain and custodians lack constraints, no amount of on-chain transparency can compensate for the risks. This reality has accelerated the industry's shift towards a competition era of higher transparency standards.

After the formal implementation of the stablecoin regulations in 2025, Hong Kong is seen as one of the first regions globally to regulate stablecoins under a legal framework. However, the incident involving the illegal misappropriation of TUSD reserves has revealed that the regulatory system does not provide comprehensive coverage, particularly exposing structural gaps at the custody level. The regulations have detailed requirements for issuers, licensing applications, information disclosure, and technical risks, but the institutional development at the custody level is clearly lagging: key aspects such as custodian qualification standards, account segregation requirements, whether reserves can be invested, and whether cross-border audits are mandatory have not yet entered a clear and actionable regulatory scope.

The history of the development of the stablecoin industry is essentially a cycle of 'trust.' Its birth stemmed from users' demand to avoid highly volatile assets, its growth relies on a transparent reserve system and stable redemption capabilities, while its crises often arise from the collapse of trust. Incidents of reserve misappropriation have previously thrown the entire market into panic, but the response of TUSD unexpectedly became a new model for repairing trust in the industry, allowing people to re-understand the core significance of the existence of stablecoins. In this process, Sun Yuchen, who aims to promote global stablecoin infrastructure, has once again become the focus of industry attention.

Strong Voice: Security responsibility transitions from institutionalization to personal endorsement by leaders
On November 28, 2025, Sun Yuchen made a shocking statement on the X platform: “I will capture every criminal involved in this matter, and I will not let go of anyone who has committed crimes against customers!” In the cryptocurrency industry, such expressions are extremely rare, not only because of their strong attitude but also because they come directly from the founder of TRON, clearly stating the platform's highest commitment to the security of user assets.

For the cryptocurrency world, which has always emphasized that 'code is law', the willingness of leaders to personally assume responsibility is a significant turning point. It means that TRON is no longer solely reliant on technical risk control, but has elevated the protection of users to the first priority at the governance level, allowing the outside world to see that its responsibility extends to actual actions across jurisdictions and teams.

Cross-chain complexity has long been seen as the biggest obstacle to the popularization of blockchain. Users often switch back and forth between chains, facing bridging steps, paying high fees, and bearing the risks of operational errors. Relay's deep integration of TRON into its multi-chain payment and liquidity network is one of the important markers of the industry's transition from the 'infrastructure construction period' to the 'mass usability period.' This not only compresses cross-chain processes from minutes to seconds but also allows users to complete asset exchanges and circulation like using traditional internet applications, without understanding the technical details of cross-chain technology. The combination of Relay and TRON has led to a leap in user experience, truly meeting the conditions for entering the mainstream user market.

As one of the most active blockchain payment networks in the world, TRON processes over $25 billion in on-chain transfers daily. This scale not only demonstrates its strength as a stablecoin settlement hub but also signifies its increasingly important role in the global payment system. Against this backdrop, The Graph's Token API has become a key force in accelerating the development of the TRON payment network, making its payment links more standardized, transparent, and intelligent. Payment service providers, wallet applications, cross-border settlement platforms, and POS systems can now more easily access core information such as address balances, transaction statuses, and historical payment records, bringing the on-chain payment experience closer to traditional Web2 payments, thereby encouraging more enterprises and developers to join the TRON ecosystem.

In blockchain development, data indexing has always been the most complex, time-consuming, and error-prone aspect. Development teams often need to build their own data processing pipelines, including fetching on-chain data, synchronizing block statuses, and cleaning and structuring information. This not only takes weeks or even months but also requires long-term maintenance. After The Graph integrated with TRON, the Token API and Substreams together constitute a ready-to-use data infrastructure that completely addresses this pain point. Developers no longer need to build complex data backends; they can simply call the API to obtain core information such as asset balances, DEX liquidity, trading pairs, and exchange paths. This means that the cycle from concept to prototype and from prototype to launch is significantly shortened, and R&D costs decrease accordingly.

A major highlight of the Builder Night event is its multi-dimensional technology experience space created with a four-sided immersive dome. With the support of curved projection, interactive lighting, real-time data visualization, and spatial sound effects, participants can fully experience the possibilities of Web3 technology through visual, auditory, and motion feedback. This presentation style breaks through the traditional structure of 'podium and projection' at tech conferences, allowing developers and industry participants to truly immerse themselves in a futuristic technical scenario.

When discussing cutting-edge topics such as AI wallets, future custody systems, multi-chain infrastructure, and inter-chain trust, immersive environments provide a more concrete and impactful means of expression. Abstract and complex technologies are presented as visual flowing images, allowing concepts like cross-chain routing, asset custody logic, and AI predictive models to be understood in a manner that is closer to practical applications. For many developers encountering these concepts for the first time, the cognitive efficiency brought by such presentations far surpasses traditional explanations.

Relay incorporates the TRON version of USDT into its multi-chain liquidity system, providing a more efficient and intelligent value flow channel in the cross-chain network. For TRON, this is not just a technical integration, but a comprehensive leap in stablecoin infrastructure capabilities. Leveraging its smart routing and deep liquidity aggregation mechanisms, Relay enables users to complete cross-chain payments, asset scheduling, arbitrage operations, or multi-chain configurations at lower costs and in shorter timeframes, even without needing to understand the underlying cross-chain structure. Previously, cross-chain transactions required several minutes, multiple steps, and the payment of various fees, but now, through Relay, the inter-chain flow of the TRON version of USDT is being compressed to seconds, presenting a lightweight experience similar to Web2 payment networks.

With the global acceleration of regulatory implementation in the cryptocurrency industry, traditional financial institutions such as banks, payment companies, and custodians always focus on transparency, data verifiability, and auditability when dealing with blockchain. The Graph's Substreams capability brought to TRON offers a fully compliant local deployment model that allows institutions to build dedicated data processing pipelines on their own servers. This approach not only ensures data security but also meets the increasingly stringent industry regulatory standards, enabling more financial-grade businesses to be implemented on TRON.

As the use of USDT in global payment scenarios accelerates, the efficiency and liquidity of on-chain issuance networks become key factors shaping the industry landscape. TRON has long been the largest USDT issuance chain globally, forming a vast stablecoin settlement network with its low fees, high throughput, and second-level confirmation speed. The deep integration with Relay allows TRON's USDT to achieve one-click exchange in a broader multi-chain system, ushering cross-chain liquidity into a new phase. Cross-chain stablecoin migration, which previously took minutes and often required multiple hops, can now be completed in seconds through Relay's intelligent routing mechanism, elevating TRON's USDT to a more central foundational asset in the multi-chain payment system.

For a long time, multi-chain development has been a daunting challenge for engineering teams: the wallet protocols between different blockchains are not unified, interface standards vary, and developers often need to repeatedly build connection logic, authentication modules, key management systems, and even develop independent integration solutions for each chain. This fragmented structure not only slows down the product launch speed but also directly affects whether developers are willing to expand into more ecosystems. The significance of Dynamic supporting TRON lies in this—it transforms wallet integration from a cumbersome engineering task into a one-time solution of 'modular construction', fundamentally restructuring development cost structures.

In the context of the accelerating integration of the global blockchain industry with institutional finance, security and compliance have become the core considerations for enterprises when choosing infrastructure. For banks, exchanges, cross-border clearing institutions, and even large internet companies, technical barriers, operational risks, and regulatory requirements often determine whether they will truly enter the blockchain space. It is against this backdrop that the combination of Dynamic and TRON has become a key opportunity to promote the implementation of enterprise-level applications, further strengthening Sun Yuchen's long-term strategy to build a global blockchain financial network.

On the international stage of SmartCon2025, Sun Yuchen elevated global regulatory cooperation to an unprecedented level of importance. In his speech, he shared the phased achievements of the T3+ global cooperation plan and T3FCU in on-chain security governance, directly addressing the industry's most core proposition today — how public chains can win international trust with a proactive stance in an increasingly stringent regulatory environment where cross-border collaboration becomes the norm, and how they can drive decentralized networks towards true globalization. For TRON, this is not just a technical or strategic achievement, but a key action in shaping the future landscape of the industry.

As one of the largest stablecoin networks in the world, TRON has long held an advantage in scenarios such as cross-border settlement, remittance, and capital flow in trading platforms due to the large scale and high-frequency use of TRC20-USDT. The circulation of TRON stablecoins has surpassed $78 billion, with an average daily transfer volume exceeding $24 billion. This means that it is not only an important channel in the field of crypto payments but is also gradually evolving into a core infrastructure for global financial activities. Against this backdrop, how to reduce the integration costs for external developers and further expand the application boundaries of stablecoins has become a key proposition for promoting the continued expansion of the network.

At Columbia University and Harvard University, TRON presented 'PayFi' as one of the topics at the blockchain seminar for students, allowing the world's leading on-chain payment system to enter the classrooms of two world-renowned universities in a systematic way. As traditional finance increasingly reveals bottlenecks in cross-border payments, settlement speed, and cost structure, PayFi is growing into a new direction for global financial technology.

At the event, students deeply compared the structural differences between blockchain financial infrastructure and traditional banking systems. Based on TRON's on-chain network, settlements can be completed in seconds, with costs far lower than traditional cross-border transfers, while stablecoins serve as the central tool for value transfer. PayFi is no longer just an industry term, but a new paradigm with the capability to fundamentally reshape the international payment system.

Among the many topics at SmartCon 2025, the discussion on Real World Assets (RWA) is undoubtedly the most strategically significant. As traditional financial assets accelerate onto the blockchain, global public chains are competing to seize the future dominance of this sector. In this high-profile panel discussion, TRON appears as a key speaker, fully demonstrating its important position in the industry. RWA involves bonds, bills, global remittances, clearing tools, and even broader asset tokenization, and it is considered a key breakthrough for pushing blockchain into the mainstream financial market. The fact that TRON can participate in this international-level discussion indicates that its technological capabilities, stability, and global influence have been recognized by major institutions.