Justin Sun’s Master Plan: Tron IPO, Space Travel, and the $80B Stablecoin Empire at KBW2025

All right. So, I think we all know this guy right here, Justin Sun. Justin, you are one busy dude. We spoke uh at Consensus in February in Hong Kong, and so much has happened since then. So, like what keeps you up at night?

How do you feel your time? What's going on? like tell us about like your life so far.

Yeah. Um my life pretty good. Um so we um we have uh that company like Tron go IPO in US I think in July and um I go to space in August. Um

and you came back thankfully from space right?

Yes. It's safe. Yeah. Uh and um for September we have uh a decentralized perex launch.

Um so yeah that's uh let's so we we we are keep doing I will I will think like every month a major event.

Sure. Absolutely. So you guys launched your dex uh sunpurpose called pretty recently. Now dexes aren't a new thing but in the last few months we've seen a big interest in hyperlquid in aster and now your deck. So why the interest right now?

Yes. So uh first of all I think perpetual futures has been like one of the most important thing um originally uh invented in crypto industry right uh besides perex is stable coin you know it's uh basically uh um everybody asking the question why crypto right I think this is the two things invented by by uh cryptocurrency industry Um and perex I I think recently get lots of attraction uh because I think it solved the problem of efficiency. So before I I think we have seen some of the perex uh in the past you know two three years. Um but the problem is always about the efficiency right. So uh is is the user experience close to centralized exchange?

Um um that's the questions right. So uh if uh it's hard to trade um and and the latency problems um and the UX UEX problems be there uh it won't be like very efficient. uh hyperlquid I think is the first example I think to the industry um decentralized per uh same efficiency compared to um centralized per um so so um so I think that's answer the question so that's why it become uh I think more and more popular like recently

okay so then how do you on board the next users to dexes for purps is it about UIU UX or is it about you know tight spreads or what's how do you do this?

Yeah, for samp uh I think it's um pretty nature uh because we are the one of the largest um stable coin network in the world. Um and one of the most important use case for stable coin is trading per right. So that's um initially uh lots of people get in to start to use USDT in the first place. So um so we have a big liquidity around uh $80 billion on the network. So so it's it's nature for them to to take the leverage of the capital to trade per uh on Tron.

Um so Serb will expand to other network as well you know uh Solana, Ethereum other uh layer 2 solutions but the first focus will be on Tron network. Yeah.

Um cuz we have a very large amount of the capital around like $80 billion haven't been deployed yet. Um and also that's also I think it's very important to Tron network uh because people is thinking Tron network is a network basically people make stable coin payments um rather than trading with their stable coins. Uh I think one of the reason uh is before that um in the crypto uh all different tokens launched in different blockchain like Ethereum, Solana, like BNB chain, all different blockchain, Tron blockchain. Um but you can get you you cannot get all the exposure on one blockchain using stable coin. But I think perp trading uh can solve this problem as well because you can uh settle with USDT with one uh single stable coin uh using uh uh uh one blockchain right so you can trade [clears throat] every tokens on trunk now uh using some per uh I think that's also and not even mentioning the capital efficiency per is also So better than spa trading because you can trade $1 with $10 uh 10x uh leverage.

Um so that's why I think the capital efficiency is also higher you know in terms of uh per now even mentioning you can loan sure you know u both sides

is very important too. So, so um for this I I think definitely is a positive development uh in all aspect on the blockchain.

Okay. So, next up stable coins we have USDC, USDT and also USDD your stable coin, right? It's a pretty crowded space I have to say. So, how does USD stand out compared to the others?

Yes. So I think USD is a uh amazing product um because uh uh it's a stable coin but it's a decentralized stable coin. Um so so that's why I think it's very important uh because in crypto industry we want something you know uh uncensored um but same time we want uh the stability uh of US dollars right so that's what uh uh USDD is offering so um so right now USDD is is on TR and Ethereum so on this two blockchains is only take the major stable coin um and the network tokens uh to to mint USD. So it's uh it's very safe um and is decentralized. So I think that's the uh uh reason for uh using uh u USD uh and also um the same time uh I think people uh uh in the decentralized purp uh I I think in the future uh will also start to use uh decentralized stables.

uh right now I think uh we can see um uh hyper liquid is USDT sorry USDC on some per is USDT I think that's the first stage um and the later stage I think decentralized uh stables will be used for uh uh D trading as well because uh it's decentralized

then how do you guarantee the pe if it's decentralized right because USDC is centralized and we all know where the reserves are tron on sorry USDT rather decentralized with tether. How do you guarantee to the market that somewhere behind the scenes there are reserves to back up the stable coin?

Yes. First of all uh for decentralized uh stable coin uh it's actually uh way more uh transparent than uh centralized uh stable coin. Um because centralized stable coin you are rely on the uh uh audit reports right coming up like every quarter on the um um on audit firms. Yeah. But for um decentralized stable coin um the transparency comes from the blockchain and for every second you can you can check on the blockchain for uh the reserve and uh um and uh and the vault.

Um and also um decentralized uh stable coin um for the risk is actually less not even because of the transparency um but also because of the uh uh cloudation rate um is higher. For example, if you want to use Ethereum or Tron to mean the stable coin, uh you need to take uh 120 or uh 130 uh% of the collateral and uh and also um all the vaults is isolated from each other. So uh for example like user A is uh using for example like a 100k US dollars of the um um Ethereum uh or trying to mint like uh um um the same amount of the stable coin and if the TRX or uh Ethereum um price goes down it will liquidate the the W. Um but different wow have different coll uh collaboration rate. So so that's why um um uh the risk is it's not like one off basically is uh is decentralized uh in different world.

Um so that's why um um the onchain uh liquidation uh mechanism uh um take place like easily and uh without you know have major impact on the markets or on the stable coin itself.

Okay interesting so um this year you guys launched uh Tron Inc. a listed company um which has exposure to TRX. What's the plan for that? Like what's the narrative behind this company? Why would you buy shares of this and not just buy TRX outright?

Yes. So, um first of all, um that company um uh I think serves different purposes compared to ETF.

Uh I believe like eventually all the major crypto uh will have ETF in United States eventually. Um that's just a matter of time. Um but for um uh um besides um the ETF u that company can offering a few things uh I think different um from ETF um first of all ETF is just like a rap tokens right so if you buy ETF it's just like a wrap uh cryptocurrency u but for ETF um the company can actively u manage the treasuries right for example example on Tron today. um trying basically uh stake all the TRX and lending it for energy uh for uh for the token use uh guaranteed the safety the same time uh it has around 5 to 8% of the APY uh so the Yale um to the public companies um and also we are not even counted um other active management staking uh mechanism uh if we we are using all the uh me mechanism I think is can uh easily take up to around 15 and 20% APY uh on Ethereum um I think blockchain have the similar concept but right now I think all the company is only doing um uh staking right which is two two to three% u but they are not doing you know uh like layer like other uh further staking but if they want to do other staking they can also get higher yield too but also I think it's rely on uh uh a better audit company and also um um uh a smart contract you know a security expert uh to do that but I think this is definitely uh the active management is something uh I think different from the uh from the uh ETF uh And also of course not even mentioning you know raising funds by the token you know have positive impact on the um on the protocol itself uh and also um for uh some of the funds they cannot buy ETF but they can buy uh that companies because it's uh uh uh it's a different uh management strategy uh and also of course I think some of the uh I will say um big that company uh may even have uh future have the opportunity for acquisition merger acquisition opportunity uh within the ecosystem.

Yeah. One thing I actually liked about uh T-Rex and SRM uh Tron Inc. now is that you can get exposure to USDT's use in Latin America, right? Because Latin America has inflation, has all kinds of problems and the market demands dollars. They demand dollars via USDT.

So, it's kind of like you're buying like a Mastercard or a Visa network but with Latin America. So, it's a pretty cool angle, I think. And we saw on Twitter over the weekend, uh, Tether CEO Paulo says you can buy cars now from Toyota BYD over USDT, right? Not local currencies, USDT. Yes.

Um, totally. First of all, I think USDT has um become like one of the most uh important currency uh outside of United States uh actually. Um so um in US I think uh stable coin has a big use case. Yeah.

Um but outside of US I think uh stable coin is actually more important. Um and the trunk of course I think play a very important role uh in this aspect um because you know considering uh you are a citizen outside of United States um no I am so uh it's uh actually very hard for uh uh those citizens uh to get a US bank account in the uh first place. Um

so um US bank account I mean a US dollar bank account. So basically um so only I think like less than 1% of the um people have this kind of the opportunity to get a US dollar uh bank account. Um but on is u is a zero cost zero um um uh threshold. So you can just get US uh accounts right away and start to use like US dollars like instantly. So that's why we can see every single day um Trang is adding up like 300K something like users every day, right?

So we right now we have around 300 million uh accounts uh and every year we got like uh 100 million more. um probably next year going to be like 200 million something. So uh you can see this usage is very important for uh for uh all the users like globally for them to get u uh uh US dollar accounts basically. Um and not even mentioning you know we are building uh different uh products right we we are building perpetual future.

Yeah. um we are building you know uh trading mechanism lending mechanism you can all use with um the TR account you have so so that's something you know uh I think is very important um to uh build financial freedom globally so to make everyone can access to financial uh services

okay cool so we have two minutes left what's your plan for the next year like what do you want to accomplish over the next 12 months

yes uh I think for uh recently the um uh the three months ahead.

Yeah,

probably the most important is Perpax. Uh I I really believe it will increase the liquidity on the blockchain and it will give like people more option to get exposure uh in all cryptos in the world. So uh that's something I think we are uh uh um uh focusing on this three months. Um uh and for the uh next 12 months, I think uh the major um mission will still be uh making sure um the strong account holders uh has more way to uh get access to financial services uh no matter where they are. So some of the options we are doing it but having been announced it is uh stock you know stock trading is important you know uh we want to find the partners uh and good solution for uh trading stocks uh through blockchain.

Okay. uh and also uh um building access to other financial services like bonds, you know, like uh other uh major uh investment way uh on the Tron blockchain. So um so basically I think the next 12 months will still be uh making all financial services uh accessible for Tron users. All right, we'll leave it at that. That was fantastic.

Thanks for your time.

Thank you, Sam. Yeah, thank you. [applause] [music]

Yes, thank you for that. A lot of great insights, [music] a lot of fresh ideas.