Recently, I’ve seen news about Justin Sun again. This time, he used 100 million USD to buy SRM Entertainment, and—through a reverse takeover—took Tron onto NASDAQ. At 35 years old, Justin Sun has become the head of a listed company. His business map really has something.

Looking back, Justin Sun’s core logic is actually very simple: maximize the use of rules and leverage resources. Back in 2014, when he returned to China to start his business, he said, “The standard for measuring a person is how much money he makes.” It’s not just talk—he genuinely did exactly that.

Let’s start with Tron. In 2017, Justin Sun turned from social apps into the crypto world and, together with classmates from Peking University, founded the Tron public chain. At the time, they raised about 400 million USD, but soon ran into the “9.4” crackdown on ICOs, and the whole team nearly fell apart. The real turning point came in April 2019, when Tether decided to issue USDT on the Tron network. This move directly changed Tron’s fate.

Look at the data now—you’ll know. On Tron, USDT’s transfer volume accounts for more than 98% of the total amount on the public chain. Daily on-chain revenue exceeds 2.1 million USD, and annualized revenue reaches 770 million USD. Basically, it all comes from USDT’s high-frequency transfer fees. Tron’s total market cap is now 34.5 billion USD, firmly ranking among the top mainstream public chains worldwide.

But Justin Sun’s ambition goes far beyond a single public chain. He also bought BitTorrent and launched the BTT token; acquired the Poloniex trading platform; and later bought a 1 billion USD stake in HTX, becoming its de facto controller. For the trading platform business, daily trading volume is now in the tens of billions of USD.

Stablecoins are also crucial. He personally designed the operating mechanism for USDD, directly controlling large reserves in the collateral pool, such as TRX, USDT, and Bitcoin. USDD’s market cap is now 1.5 billion USD. There’s also TUSD—although it isn’t under his personal name on the surface, through various on-chain evidence, his shadow control has basically been confirmed. In early 2025, he even paid out of his own pocket to stabilize TUSD with more than 400 million USD. Its current market cap is 49.4 billion USD. Add WBTC (currently 9.35 billion USD in market cap), and these stablecoins and cross-chain assets are like a “cash pool” of liquidity he can mobilize at any time.

There’s also APENFT Marketplace, an NFT platform. As a top art collector, Justin Sun bridges the traditional art world and the NFT world. The market cap of the platform’s tokenized NFTs is now 28.198 billion USD. The DLive livestreaming platform is also part of his ecosystem, integrating BitTorrent’s technology.

When you add it all up, the market value of Justin Sun’s core assets already exceeds 43 billion USD. This isn’t just a simple pile of projects—it’s a complete ecosystem spanning public chains, trading platforms, stablecoins, NFTs, and cross-chain assets. Each link connects to the next, empowering one another.

But over the years, Justin Sun hasn’t just made progress in the U.S.; he’s also taken losses there. During the Biden administration, the FBI and the Department of Justice investigated him, and the SEC even filed a lawsuit against him. He didn’t even dare to set foot in the U.S. for many years. Later, he came up with various ways: first, he obtained diplomatic immunity by taking the title of Grenada WTO ambassador; later, he was appointed as “Speaker” and “Prime Minister” in Liberland.

But he knows very well that leadership changes in the U.S. are common, and nothing is forever a loss. The 2024 election is his chance to turn things around. He had early believed that Trump would bring positive influence to the crypto industry. As it turned out, the Trump family really made a high-profile bet on the crypto sector. From the end of last year to this year, Justin Sun made a total investment of 75 million USD, becoming the “biggest supporter” of the World Liberty Financial project, and was appointed by the Trump family as a core advisor.

He also acquired the largest amount of Trump coins, holding 1.43 million. At Trump’s dinner, it’s said Trump only attended for half an hour—almost the entire second half became Justin Sun’s personal show. Interestingly, he has now returned to the U.S. and visited multiple companies, looking quite happy.

Justin Sun himself said, “I am a bridge between the crypto industry and the president, and to some extent, maybe also a bridge for future China-U.S. communication.” This guy really has something. In less than ten years, he has polished his business empire into exactly this shape. Compared with those who pay astronomical fines just to enter and exit the U.S. freely, Justin Sun’s cost has been extremely small. Maybe this is what he has been doing all along—maximizing the use of rules and leveraging resources.