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TRX ETF Impacting SEC, "Three Musketeers" Reshaping the New Web3 Landscape
Article Source: Huobi HTX
The frontman of the Chinese public chain has emerged, and Justin Sun has once again captured the market's attention.
Recently, the U.S. asset management giant Canary Capital officially submitted the S-1 registration statement for a TRX ETF to the U.S. Securities and Exchange Commission (SEC) — the TRX ETF officially submitted the S-1. This is the first time TRON has attempted to enter the U.S. capital market in a "regular army" capacity — a compliant gamble and an image reshaping. Following Justin Sun's pride as a Chinese entrepreneur appearing on the cover of Forbes, TRON is also striving for new heights never reached by a Chinese public chain, bringing a milestone glory to the Chinese Web3.
TRX ETF S-1 Registration Statement: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm
Looking back at the cryptocurrency market from 2017 to the present, some projects have harvested traffic with meme coins, some projects have become overnight fortunes through regulatory arbitrage, and countless projects have circumvented SEC scrutiny under the guise of "backdoor listings." However, for over a decade, Justin Sun has always adhered to "inheritance, perseverance, and construction," believing that "the market's longevity relies on regulatory compliance and industry faith," which has also established TRON's dominance as the "on-chain dollar" — with the USDT issued on its network occupying over 30% of the stablecoin market share.
But his ambitions clearly extend beyond TRON.
Around this long-standing public chain, Justin Sun has quietly built a complete crypto ecosystem based on compliance, combining a technical foundation, traffic entry points, and value anchoring — the TRON, HTX Exchange Platform, USDD Stablecoin trinity, forming his new strategic "cryptocurrency world triumvirate."
Huobi HTX: Justin Sun Group's "Traffic Engine + Ecosystem Hub"
A public chain is just the underlying foundation, while traffic is the fundamental driver of ecosystem operation. In Justin Sun's ecosystem strategy, Huobi HTX plays a key role in introducing and retaining users, truly driving the entire ecosystem cycle.
How powerful is Huobi HTX?
In the "cooling down" Q1 2025 quarter of the overall crypto market, Huobi HTX delivered an impressive report card.
According to CoinGecko's "2025 Q1 Crypto Industry Report," Huobi HTX is the only platform among the Top 10 exchanges to achieve a growth in spot trading volume. Against the backdrop of an 18.6% decline in the total cryptocurrency market cap, Huobi HTX still managed to achieve a 11.4% increase in spot trading volume month-on-month, while the spot trading volumes of other Top 10 exchanges during the same period generally experienced declines ranging from 1.8% to 34.0%.
Not only in spot trading, Huobi HTX also demonstrated strong growth across its entire product ecosystem:
User and trading volumes have been steadily increasing, especially with outstanding performance in the CIS region and markets such as the Euro stablecoin; contract, yield farming, staking, and other product lines have been continuously optimized, significantly improving user retention through strategies such as fee reductions, enhanced yields, and product diversification.
Meanwhile, Huobi HTX has continued to deepen its ecological partnerships: collaborating with global compliance institutions like Fireblocks to further enhance platform security and compliance, improving the overall trading experience.
Especially worth mentioning is the deep cooperation between Huobi HTX and the TRON Meme ecosystem's Sunpump, which not only bridges the entire process from traffic preheating, initial trading, to subsequent staking and airdrop incentives, establishing a complete "new coin cold start model," but also continuously brings Web3 players to the Huobi HTX platform, converting them into trading users and ecosystem participants.
These achievements reflect Huobi HTX's resilience in a "bear market" environment, indirectly proving that Huobi HTX is leveraging trading as an entry point, aiming for ecosystem development, and becoming the most dynamic part of Justin Sun's ecosystem layout.
USDD: Ambitions of a Stablecoin
A complete ecosystem cannot do without the trump card of a "Stablecoin".
USDD is a decentralized stablecoin project on the TRON blockchain, officially launched on May 5, 2022, and upgraded to USDD 2.0 on January 25 this year. USDD 2.0 ensures its 1:1 peg to the US dollar through multiple mechanisms such as over-collateralization, liquidation and auctions, risk management and real-time monitoring, PSM (Peg Stability Module), decentralized governance, etc., with ample stability and multiple security measures.
As of April 21, the total supply of USDD 2.0 has exceeded 350 million, showing its continued adoption in the global cryptocurrency market. This widespread user adoption indicates that USDD's position in the DeFi community is constantly rising.
In Justin Sun's ecosystem layout, stablecoins carry the grand vision of decentralized finance—breaking through traditional financial barriers and providing a more free, transparent, and efficient cross-border payment and asset management solution through a decentralized payment system.
Breaking the Impossible Triangle, Justin Sun's Dream May Become Reality
In fact, since gracing the cover of Forbes Global Edition, Justin Sun has been continuously referred to in the crypto community as the "counter-trend growth engine" and the unlocker of the blockchain field's "Impossible Triangle"—finding a balance between regulatory compliance, technological innovation, and ecosystem expansion.
Today, he is entering the U.S. capital market with TRX ETF, using Huobi HTX as a traffic entry point, and driving the on-chain economy with a stablecoin, attempting to break the "Impossible Triangle" that plagues all Web3 projects:
● Regulatory Compliance vs Decentralization Narrative
● User Growth vs Market Downturn
● Project Native Token vs Mainstream Financial Acceptance
The S-1 registration application for TRX ETF is a historic step for the Chinese public chain to impact the global financial market and a shining moment for Justin Sun's "Three Musketeers" to leverage the "Impossible Triangle". Once TRX ETF successfully lands, Justin Sun's vision of "enabling 8 billion people worldwide to achieve financial freedom" may no longer be just a slogan but a dream truly coming into reality.
This article is from a submission and does not represent the views of BlockBeats.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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