NEW YORK, USA – Media OutReach – 31 May 2023 – On May 31, TRON celebrated the fifth anniversary of its MainNet launch since its debut in 2018. The TRON ecosystem is now on a roll after five years of development. Impressing the industry with one achievement after another, it has grown into a leading public chain in the world. Against the ever-fiercer competition among public chains around the world, TRON has stood out with its second-to-none performance, scalability, and security, attracting masses of developers and users worldwide. Following TRON’s anniversary, the Hong Kong’s Securities and Futures Commission (SFC) will begin accepting applications for crypto trading platform licenses on June 1. As a top-tier public chain with a Chinese background, TRON has promised full support for Hong Kong’s efforts to develop Web 3.0.
Build a sound ecosystem with industry-wide collaboration
TRON was founded by Justin Sun in 2017, and its MainNet went live on May 31, 2018. Five years into the launch of its MainNet, TRON now has over 162M users worldwide and has processed to the tune of 5.6B transactions. It also outshines the pack with a TVL (Total Value Locked) of $5.76B, only trailing Ethereum.
TRON has contributed to an open, established ecosystem via partnerships across the industry. Judging from its high-level design, TRON has developed a robust stablecoin ecosystem comprising USDT, USDC, TUSD, USDJ, and USDD, which supports a whole gamut of compliant and decentralized stablecoin-related businesses with high circulation and collateral ratios.
According to the data on Tether’s website, the circulating supply of TRC20-USDT has exceeded 46.1B, way higher than that of ERC20-USDT (36B), accounting for 60% of USDT’s total supply.
Meanwhile, TRON is also working towards building a diversified stablecoin network and a sounder public chain ecosystem for users through its sustained efforts to grow the business of USDC, TUSD, USDD, and USDJ, among other stablecoins.
Powered by a secure, cost-effective, and efficient underlying blockchain, the TRC-20 protocol launched by TRON has become the go-to choice among on-chain users. In addition, TRON has developed a well-rounded ecosystem covering the hotly contested fields in the sector, including NFTs, GameFi, stablecoins, the metaverse, cross-chain solutions, and DIDs, with the commitment of a group of active developers.
According to Justin Sun, TRON aims to elevate its on-chain stablecoin market cap to $100B in 2023 and strives to become the preferred choice for stablecoin users by positioning itself as “a more affordable and user-friendly version of Ethereum”.
Make strides towards globalization and full compliance
TRON is committed to maintaining full compliance with regulatory requirements and works closely with governments and regulators worldwide to achieve this goal. Putting compliance at the front and center, TRON delves into local regulations and proactively engages in discussions on policy formulation and industry standards, ensuring that its ecosystem grows robustly while remaining fully compliant.
With branches in North America, Europe, and Asia-Pacific, TRON has a global presence in numerous countries and regions. Additionally, it has established solid cooperation with financial regulators in multiple countries to facilitate compliance within the digital currency and blockchain industry.
In October 2022, seven existing TRON-based tokens were granted statutory status as authorized digital currencies in Dominica, and TRON was designated as the national blockchain for the country. This collaboration blazed a trail for blockchain projects to explore technology application and development with sovereign countries. Subsequently, TRON also expressed its good will to forge a comparable partnership with Sint Maarten, as well as other countries and regions.
On top of that, TRON has obtained the go-ahead from a number of key regulators across the globe by virtue of its technical prowess and global compliance strategy. In September 2021, TRON listed TRX ETN jointly with VanEck, the world-leading asset management firm, on Deutsche Börse and facilitated its trading on the major exchanges in 14 European countries. Outside Europe, TRON has expanded its presence in the Asian and North American markets, laying a strong foundation for its global service. In 2022, Hong Kong outlined a new crypto licensing regime, and TRON is poised to fully support Hong Kong’s Web 3.0 development.
Justin Sun expressed his confidence that TRON will delve deeper into blockchain technology and the blockchain industry, thereby playing its role in building a secure, efficient, and decentralized world of Web 3.0 and propelling the global digital economy forward.
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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.
