Justin Sun Makes Case for TRON as Stock Slides 80% Since Nasdaq Opening Bell

Increasingly, even this extraordinary disruptor and innovator is leaning into TradFi and regulated markets. After fusing his company with Nasdaq-listed SRM Entertainment, Sun had the privilege of ringing the opening bell at the Nasdaq stock exchange in New York on 24 July. Since then, the renamed SRM Entertainment stock that trades under the ticker TRON has slumped 80% to $2.05, compared with a 6% gain in the Nasdaq 100 index over the same period.

Controversial figure

Sun has long been a high-profile and sometimes controversial figure in the crypto industry, best known for building his Tron project into one of the largest blockchain networks and for his role in promoting the use and availability of USDT, Tether’s primary stablecoin, across emerging markets. The SRM Entertainment deal that enabled his IPO initiative was reportedly orchestrated by Trump-linked Dominari Securities.

TRON opportunity

At Korea Blockchain Week 2025, Sun took the stage to tell investors how owning a piece of Tron Inc. can provide returns. He was asked directly by an interviewer why an investor should buy Tron Inc. shares instead of simply buying the native token TRX?

It’s unclear whether he misheard the question, or was talking in his usual broad hyperbole, but he reframed it as a debate over exchange-traded funds (ETFs) vs common stock. TRON is as an investment opportunity that lies somewhere between a crypto ETF and an actively managed fund, he said, reflecting the potential benefits of future M&A activity and corporate expansion beyond what a token can offer.

ETF growth

Importantly, he argued, some investment funds that are barred from purchasing ETFs may be able to buy shares in a listed company. As an aside, he casually projected that ETFs also have massive growth potential in the US:

“Tron Inc. serves different purposes from an ETF. I believe that eventually all the major cryptocurrencies will have ETF in the US eventually. That’s just a matter of time.”

With the Nasdaq 100 hitting a new all-time high the same week at Sun’s remarks, he projected a possible 5% to 8% annual percentage yield, or up to 15% to 20% with active strategies, from owning TRON. 

Shares in Tron Inc. have declined each day since those remarks last week, while Sun’s next major speaking commitment is at TOKEN2049 in Singapore on 2 Oct.

Original aim

So where did all this start? Sun created Tron as a blockchain-based decentralized platform in 2017 with the aim of removing intermediaries from digital content and entertainment creators and consumers. Decentralizing the web, Tron enables users to publish, own and monetize content without relying on the likes of YouTube, Spotify or app stores. It spawned a wide range of decentralized application from lending and NFT marketplaces to facilitating cross-boarder payments and stablecoin transactions.

Banana antics

In addition to talking up his blockchain’s speed and cost efficiency, Sun is known for courting (and paying for) worldwide publicity. Stunts such as eating a multi-million-dollar piece of banana art, past brushes with US regulatory authorities and a recent trip to space have magnified his reputation.

More than just a payments chain, Tron is emerging as a comprehensive global financial access layer, according to Sun’s recent overview in Seoul, in which he reinforced his long-standing positioning of Tron as the backbone for stablecoin liquidity worldwide, combining USDT adoption in emerging markets, perp trading efficiency, and plans for tokenized stocks and bonds.

Perps, stablecoins

Sun told the conference in Korea that perpetual futures investments have improved efficiency to become one of crypto’s most important innovations alongside stablecoins.

He has positioned his Tron network as the natural base layer for perpetuals and stablecoin-driven trading, given the scale of USDT circulating on Tron.

“We are the largest stablecoin network in the world… around $80 billion in liquidity on the network. It’s natural for people to take leverage or trade perps on Tron.”

While he plans to expand to Solana, Sui, and other layer-1s, Tron will remain the primary home for these products because of the collateral base sitting idle on-chain, he added, reframing perceptions of Tron as primarily a payments network:

“People think Tron is the network basically for stablecoin payments rather than trading. But perp trading can change that — because you can settle across blockchains using stablecoins.”

Centralized vs. decentralized

A moderator question challenged him on the trustworthiness of centralized stablecoins such as USDT and USDC, given the reliance on attestations and reserve reports. Sun contrasted this with the on-chain transparency of decentralized stablecoins:

“For centralized stablecoin, you are relying on quarterly reports. For decentralized stablecoin, transparency comes from the blockchain — every second you can check the reserves.”

He also noted that decentralized designs reduce systemic risk through over-collateralization:

“If you want to mint a decentralized stablecoin, you need to put down 120–130% collateral. Risks are isolated by wallet, so if one user gets liquidated it doesn’t cascade across the system.”

Adoption in Latin America

A key selling point for Tron outside US markets has been its accessibility for customers who need to own or use the US dollar amid inflationary environments, but struggle for traditional bank access. Latin Americans “can have a US dollar account instantly,” he said – the type of statement that historically would have raised a few eyebrows among US regulators. 

Tron now reports 300 million accounts, with around 300,000 new users added daily and projections for 100–200 million new accounts annually. USDT can now be used to purchase cars from brands such as Toyota and BYD in LATAM markets – further evidence of stablecoins’ integration into real-world commerce.

Ambitious plans

Looking ahead, Sun sketched an ambitious plan to bring more traditional finance products into the Tron network over the next 12 months.

“The major mission will still be making sure TRON account holders have more ways to get access to financial services, no matter where they are.”

He cited upcoming priorities including:

• Stock trading directly on the Tron network, in partnership with broker-dealer infrastructure providers;
• Access to bonds and other major investment products, tokenized and tradable on-chain; and
• Expansion of derivatives, lending, and trading mechanisms beyond stablecoin payments.

The vision, in Sun’s words, is to deliver “financial freedom globally”, making US-dollar denominated services and broader asset classes accessible to anyone with a Tron account.