Justin Sun’s Interview with Hurun Report: A New Order and Certainty for Value Flow in the Era of Transformation

marsbitPubblicato 2026-05-28Pubblicato ultima volta 2026-05-28

Introduzione

In an interview with *Hurun Report*, Justin Sun, founder of TRON, discussed the evolution of the Web3 industry as it moves from initial exploration to large-scale adoption. He emphasized that the core value of blockchain lies in building an open and inclusive internet of value, enabling anyone globally to transfer and use funds efficiently and at low cost, regardless of location or access to banking. Sun highlighted that projects with lasting impact are those built on genuine demand and real-world usage. He pointed to the stablecoin payment ecosystem as the most mature and scalable application currently, noting that TRON has rapidly become one of the world's largest stablecoin networks. The circulation of USDT on TRON has surpassed $86.3 billion, driven by actual use cases such as cross-border transfers and daily payments, demonstrating strong network effects. Regarding strategy, Sun outlined a methodology combining data-driven iteration, rapid execution, and user-centric focus. He cited the decision to partner with Tether to launch TRC-20 USDT as a key strategic move, based on an assessment of market trends and long-term potential, which has become a significant growth engine for the TRON ecosystem. On globalization, Sun stressed the importance of local compliance and cultural adaptation, noting that success in different markets depends on deep understanding and local partnerships. He also addressed the convergence of AI and blockchain, describing it as a transformative d...

As the Web3 industry moves into deeper waters and global financial infrastructure undergoes accelerated restructuring, blockchain is evolving from early exploration to large-scale application. As an authoritative institution with broad influence in business and investment, the in-depth interview by the renowned magazine Hurun Report is regarded as a significant industry indicator. Recently, Justin Sun, founder of TRON, shared his views on key topics such as stablecoin payments, global pathways, and AI integration trends during an interview with Hurun Report. His insights reflect a critical stage where Web3 infrastructure is transitioning from "feasibility verification" to "global adoption."

Stablecoins Build Global Value Flow Networks, Web3 Infrastructure Enters Scaling Phase

In the Hurun Report interview, Justin Sun succinctly summarized his long-term core objective: "To enable any individual worldwide, regardless of location or bank account access, to transfer and utilize their funds at low cost and with high efficiency." This statement fundamentally reveals the value essence of blockchain technology—building an open and inclusive value internet.

He further noted that after enduring multiple bull-bear cycles, projects capable of weathering market fluctuations must be rooted in genuine demand and practical utility. The continuous growth in on-chain user scale and transaction volume serves as a key metric for evaluating industry direction. Against this backdrop, the on-chain payment system centered around stablecoins has emerged as the most mature and scalable application scenario.

In the Hurun Report interview, Justin Sun mentioned that TRON has rapidly evolved into one of the world's largest stablecoin circulation networks, with its on-chain asset transfer volume even surpassing certain traditional payment networks. This growth is not driven by short-term market sentiment but by sustained usage in real-world scenarios such as cross-border remittances, value storage, and daily payments. Official data indicates that the circulating volume of USDT on the TRON network now exceeds $86.3 billion, reflecting strong network effects driven by authentic user demand.

From a structural perspective, the scaling of stablecoin payments benefits from two factors: firstly, the open and permissionless nature of blockchain networks enables them to reach user groups underserved by traditional financial systems; secondly, the limitations of traditional cross-border payment systems in terms of efficiency, cost, and user experience create significant opportunities for next-generation infrastructure. Justin Sun believes this trend represents a "natural substitution" of existing financial systems by technological advancement rather than short-term competition.

Globalization Strategy and Technology Integration: Building Long-Term Competitive Advantages in Web3

When discussing enterprise growth and strategic decision-making, Justin Sun presented a highly systematic methodology in the Hurun Report interview. He summarized the key success factors as a combination of "data-driven iteration, rapid execution, and user orientation," emphasizing that in a fast-changing technological environment, single-dimensional capabilities are insufficient for sustaining long-term competitiveness. Synergy among these elements is essential for efficient experimentation and precise decision-making.

At the organizational level, he proposed a management framework based on "clear direction, layered support, and a sense of ownership among all members" to avoid deviations and loss of control during rapid expansion. This flat and agile organizational structure is seen as a crucial foundation for Web3 enterprises to maintain competitiveness in highly uncertain environments.

Regarding critical strategic decisions, Justin Sun reflected on TRON’s collaboration with Tether to launch TRC-20 USDT. He stated that this decision was based on a comprehensive assessment of market trends, competitive landscapes, and risk-reward ratios: stablecoins represent a long-term trend in financial system evolution, top-tier assets exhibit significant network effects, and the upside potential in this field far outweighs potential risks. This partnership has since become a key growth engine for the TRON ecosystem and established its core competitive moat in the stablecoin space.

On global expansion, Justin Sun emphasized that while Web3 inherently possesses cross-border attributes, its practical implementation heavily relies on local compliance and cultural adaptation. In the Hurun Report interview, he pointed out that significant differences exist across markets in regulatory frameworks, user habits, and business environments. The success of a project often depends on the depth of understanding of these differences and the ability to build local partnership networks.

Furthermore, Justin Sun expressed clear views on AI development. In the interview, he noted that AI is not merely a tool upgrade but a reconstruction of "thinking and decision-making capabilities." Its integration with blockchain in areas such as data, computing power, and intelligent execution will become a key direction for the next phase of technological evolution. Blockchain provides decentralized infrastructure for AI, while AI enhances the intelligence and user experience of blockchain systems. The convergence of the two holds long-term strategic value.

For industry participants and young entrepreneurs, Justin Sun’s core advice in the Hurun Report interview is that continuous learning and rapid adaptation are the most critical abilities in highly uncertain environments. At the same time, one should focus investments on building irreplaceable core strengths based on a holistic understanding of the industry, rather than dispersing resources across multiple tracks.

From early-stage technology verification and market exploration to the large-scale application phase represented by stablecoins, and extending to AI integration and global compliance implementation, TRON is driving the adoption and evolution of the value internet through infrastructure capabilities, globalization strategies, and forward-looking technological positioning.

Domande pertinenti

QAccording to Justin Sun's interview with *Hurun Report*, what is described as the most mature and scalable application scenario currently within the Web3 infrastructure evolution?

AAccording to Justin Sun's interview with *Hurun Report*, the on-chain payment system with stablecoins at its core is described as the most mature and currently scalable application scenario.

QWhat key advantages of blockchain networks, as highlighted by Justin Sun, facilitate the large-scale adoption of stablecoin payments compared to traditional systems?

AJustin Sun highlighted that blockchain networks' openness and permissionless nature allow them to reach user groups underserved by traditional finance, while traditional cross-border payment systems' limitations in efficiency, cost, and user experience create significant replacement potential.

QWhat is the long-term goal of Justin Sun and TRON, as summarized in his interview with *Hurun Report*?

AJustin Sun's long-term goal for TRON, as summarized in the interview, is to enable 'anyone in the world, regardless of location or whether they have a bank account, to transfer and use their funds with low cost and high efficiency.'

QWhat strategic factors contributed to the success of TRON's collaboration with Tether to launch TRC-20 USDT, according to Justin Sun's explanation?

AAccording to Justin Sun, the decision was based on a comprehensive judgment of market trends, competitive landscape, and risk-reward ratio, recognizing stablecoins as a long-term trend in financial evolution where leading assets exhibit strong network effects, with the upside far outweighing potential risks.

QHow does Justin Sun view the relationship between AI and blockchain, and what potential does their integration hold?

AJustin Sun views AI as a reconstruction of 'thinking and decision-making capabilities.' He believes the integration of AI and blockchain in data, computing power, and intelligent execution will be a crucial direction for technological evolution, with blockchain providing decentralized infrastructure for AI, and AI enhancing blockchain's intelligence and user experience.

Letture associate

GitHub, Transfixed by AI

On the night of February 9th, GitHub suffered a major outage caused by a simple configuration change—reducing a cache refresh interval from 12 to 2 hours—that triggered a cascade of failures. This was not an isolated event, but part of a broader pattern. In early 2026, GitHub experienced at least 8 major incidents, failing to meet its promised 99.9% availability. These outages stemmed from structural issues: explosive growth in load, tight service coupling, and insufficient protection against abnormal traffic. This unprecedented load is driven by AI Agents. In 2025, GitHub handled ~1 billion commits. By 2026, weekly commits reached 275 million, projecting to ~14 billion for the year—a 14x increase. AI tools like Claude Code now contribute 4.5% of all public repository commits, with weekly submissions surging 25x in just three months. AI-generated pull requests jumped from 4 million to 17 million per month in half a year. Unlike human developers, AI Agents work continuously, generating commits at a scale that overwhelms infrastructure designed for human rhythms. The surge also shattered GitHub's business model. Copilot's flat-rate pricing, based on assisting human developers, became unsustainable as Agentic AI sessions consumed resources worth hundreds of dollars for a few dollars in fees. In response, GitHub imposed usage limits and, by June 1st, shifted to a pay-per-use "AI Credits" system. Facing this new reality, GitHub realized a 10x scaling plan was insufficient. It announced a need to *redesign* its architecture for 30x current scale—decoupling services, adding fault isolation, and improving change management to prevent cascading failures. Other platforms like Stripe and AWS are facing similar challenges with AI Agents. Fundamentally, GitHub is transitioning from a human collaboration platform to an "exhaust pipe" for automated AI workflows. Its detailed post-mortem reports aim to maintain trust during this turbulent rebuild. The February outage was not just a technical glitch, but a signal of the software industry's entry into a new, AI-driven era.

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GitHub, Transfixed by AI

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Facing massive paper losses exceeding $90 billion each amidst a sharp market downturn, "Digital Asset Treasury" (DAT) giants Strategy and Bitmine find themselves in a precarious position, but with different underlying risks. Strategy, heavily invested in Bitcoin (BTC), faces significant financial strain. Its strategy relies heavily on debt, including convertible notes and preferred stock (STRC) requiring substantial dividend payments. With its cash reserves dwindling and BTC offering no staking yield for cash flow, Strategy's high leverage makes it vulnerable. A continued price decline could force asset sales to meet obligations, potentially creating a negative feedback loop. Its market value has already fallen sharply. In contrast, Bitmine, an Ethereum (ETH) holder, appears on firmer financial ground. It primarily funds its purchases through equity offerings (like ATM programs), avoiding debt pressure. It also generates income by staking a large portion of its ETH holdings. While not immune to market drops and shareholder dilution concerns, Bitmine maintains more flexibility, recently announcing a new preferred share offering to raise further capital. The core divergence lies in their financing: Bitmine uses equity (investor money), while Strategy uses debt (borrowed money). Consequently, Bitmine currently faces less immediate liquidity pressure than Strategy, which must navigate the dual challenge of servicing debt/dividends and a declining core asset (BTC) price.

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Where the AI Bubble Really Is: Which Layer of Players Are Naked

AI Bubble: Where It Really Is and Who's Swimming Naked This analysis dissects the AI industry not as a single entity but as a five-layer pyramid, arguing that bubbles are concentrated in specific tiers, not uniformly distributed. **Key Distinction from the 2000 Dot-com Bubble:** Unlike 2000, where companies had stock prices before revenue, today's leading AI players have massive, contract-backed revenue driving their valuations. Core infrastructure demand is real, with every GPU running at full capacity for paying customers. **The Five-Layer Pyramid & Bubble Assessment:** * **L0 (Fab/Manufacturing) & Top L4 (Leading AI Apps): NO BUBBLE.** Companies like TSMC, NVIDIA, major cloud providers (Microsoft, Google, Meta, Amazon), and top AI labs have real revenues and orders. Supply is tightly constrained by TSMC's disciplined capacity control and physical limits like power/land for data centers, preventing a supply glut. * **L1 (Memory): BATTLEGROUND.** Sky-high HBM margins could signal a new structural cycle or a classic "boom before bust." The oligopoly of three major players may enforce supply discipline, making this a high-stakes bet. * **L2 (Interconnect/Optical Modules): BUBBLE TERRITORY.** Companies like Lumentum and AAOI have seen stock surges (4-10x) far outpacing revenue growth. This hardware segment has lower physical barriers to expansion than fabs, allowing speculation. It mirrors the 2000 bubble's epicenter—optics. * **L3 (Infrastructure/"GPU Landlords"): VULNERABLE.** GPU leasing companies profit from the current compute shortage but own no long-term moat. Their business model relies on a temporary bottleneck that will ease as big tech expands and new tech (e.g., potential space-based data centers) emerges. * **L4 Long Tail (VC-backed Startups): STRONG BUBBLE SIGNALS.** VC funding concentration in AI is twice that of the 1999 peak. Many startups with little revenue use the valuation logic of successful giants to justify their own, creating high risk of a "valuation crunch" when funding dries up. **Critical Risks to Monitor:** 1. **GPU Depreciation & Accounting:** Companies extending the assumed useful life of GPUs artificially boost profits. The true economic life depends on future generational leaps from NVIDIA. 2. **"GPU Credit" & Off-Balance-Sheet Leverage:** Emerging structures where shell companies borrow to buy GPUs and lease them out (with chipmakers sometimes investing) move debt off major balance sheets. This echoes the "vendor financing" of 2000 and the securitization risks of 2008, though currently small-scale. 3. **TSMC Abandoning Caution:** If the primary supply bottleneck (TSMC's conservative capacity planning) breaks, runaway supply could trigger a bust. 4. **Algorithmic Efficiency Breakthrough:** A major leap in software efficiency could drastically reduce the need for raw compute hardware, undermining the investment thesis. **Conclusion:** The AI boom is expensive and has frothy areas, but its core is underpinned by real demand and physical supply constraints. The bubble risk is layered: most present in optical components, GPU leasing, and the long-tail startup ecosystem, while the foundational chip manufacturing and leading application layers remain relatively solid—for now.

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