Justin Sun’s Ambitious Plan: Tron to Challenge Visa, SWIFT

Tron founder Justin Sun forecasts that some of Tron’s stablecoin metrics could overtake Visa’s within a year and SWIFT’s within three years. This bold prediction comes as Tron is expected to generate $4 billion in revenue this year, making it the second-most profitable entity in the crypto industry after Tether.

Justin Sun just said some of #Tron’s #stablecoin metrics will measure higher than #Visa in 1 year and higher than #SWIFT in 3 years

Tron is generating more fees than #Ethereum. They are projecting $4 billion of revenue this year. In terms of profit, they rank #2 in the #crypto… pic.twitter.com/KsLAmg6Mtp

— ᙢinus ᙡells (@MinusWells) August 28, 2024

Tron’s expansion in the crypto space has grabbed the attention of many investors and market analysts. According to Minus Wells, Tron currently generates more fees than Ethereum, demonstrating its growing presence in the crypto market.

Investors like OvertheMoooon have also expressed interest in Tron’s strong foothold in Asia, emphasizing that “volumes speak louder than words.” @invest_answers further showcased a slide highlighting Tron’s market penetration in Asia.

Minus Wells added to OvertheMoooon’s comment, noting that they had been observing Tron for years and found their progress impressive.

Despite these advancements, Tron recently slashed trading fees for meme tokens on its platform by 50%. Justin Sun announced the reduction, encouraging users who previously found fees too high to reconsider trading on Tron.

We’ve just reduced the trading fees for @sunpumpmeme on Tron by 50%—happy trading! If you thought the trading fees were too high before, it’s time to come back! We will continue to work on lowering the costs of trading meme tokens on Tron.

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 27, 2024

In a separate announcement, Sun addressed concerns surrounding the Tron DAO Reserve’s decision to remove approximately $750 million worth of Bitcoin backing the USDD stablecoin. The reserve, which oversees USDD’s collateral, withdrew around 12,000 BTC.

Sun explained that USDD had a long-term collateralization rate exceeding 300%, which was considered inefficient. As a result, the algorithmic stablecoin, launched as a competitor to Terra’s UST token, is now primarily backed by Tron’s native token, TRX.

Despite these updates, TRON’s market performance remains under pressure. At the time of writing, TRON was trading at $0.158423, with a trading volume of $670,437,956 over the last day. TRON has recorded a decrease of 2.14% over the previous 24 hours and currently ranks 9th on CoinMarketCap, with a market cap of $13.7 billion and a circulating supply of 86.8 billion TRX coins.

Source