Justin Sun Shares Industry Insights at 「BUIDL 2025」: Embracing the convenience brought by blockchain technology must come with a strong emphasis on security
Article Source: TRON Foundation
On April 5th, TRON Foundation founder Justin Sun made an appearance at the "BUIDL 2025" crypto conference in Hong Kong. He participated in a roundtable discussion on the "Evolution Path of Crypto Infrastructure" with Tomo Wallet founder Ryan Fang, TVM Ventures founder Steve Yun, and Morph Chief Growth Officer Colin Goltra. The discussion delved into the development history of crypto infrastructure, existing bottlenecks, and innovative technologies, providing valuable insights and perspectives for the industry's development.

The Massive Growth Potential of Stablecoins and the Outstanding Performance of the TRON Ecosystem
When discussing the development history and current state of crypto infrastructure, Justin Sun pointed out that despite price fluctuations in assets like Bitcoin, stablecoins have shown steady growth and have become a key pillar of industry development. Currently, the stablecoin market on the TRON blockchain has exceeded $60 billion, with an increase of approximately $5 billion in the past month alone, and this growth trend is continuing.
Using TRON as an example, the on-chain daily transaction volume of stablecoins has been steadily increasing and is currently between $20 billion and $30 billion. USDT on TRON has demonstrated stable performance and continuously reached new highs. Justin Sun attributes this to the efficiency and stability of the TRON network, as well as the widespread recognition and usage of USDT globally. In the first quarter, TRON introduced the upgraded decentralized stablecoin USDD, further enriching the TRON stablecoin ecosystem. Following its listing on Kraken last week, USDD has gained popularity and now has a market cap of $300 million.
Justin Sun believes that USDD, with its decentralized and trustworthy features, will continue to grow. Decentralization means that no single entity can control the issuance and management of USDD, giving users complete control over their assets, aligning with the demand for asset security and self-management. He predicts that the market cap of USDT on TRON may reach around $100 billion this year, and USDD is expected to reach a scale of $1 billion. This forecast not only reflects Justin Sun's confidence in the TRON ecosystem but also highlights the significant position and immense potential of stablecoins in the cryptocurrency field.
Popularizing Blockchain Awareness to Drive Cryptocurrency Mass Adoption
When asked about the bottlenecks the industry faces, Justin Sun used his own experience to illustrate. He recounted a story from 2013 where he gifted a friend one Bitcoin, and it wasn't until 2025 that the friend remembered and cashed out. This experience vividly reflects the lack of public awareness of cryptocurrency. During that time, the price of cryptocurrency was extremely low, and the value of one Bitcoin was insignificant. The friend, upon receiving it, didn't pay enough attention and left it forgotten in a corner. It was only in 2025 when the price of Bitcoin had significantly risen that the friend realized the value of the Bitcoin.
This event made Justin Sun realize deeply that one of the key tasks of the current industry is to popularize blockchain services and cryptocurrency knowledge to the public. He pointed out that many people still consider fiat currency as "real money" and overlook the actual value of cryptocurrency. In the traditional mindset of the masses, fiat currency is backed by the government, has legal tender status, and is stable, while cryptocurrency is seen as a high-risk, unstable investment product. However, as cryptocurrency continues to develop and its application scenarios expand, the value of cryptocurrency as a new form of currency is gradually becoming more prominent.

Justin Sun believes that there is a need to change people's traditional views on currency and money, making more people realize that cryptocurrency is also a form of "real money." Cryptocurrency possesses characteristics such as decentralization, anonymity, and global circulation, providing people with a more convenient, efficient, and secure payment and store of value method. For example, in some cross-border payment scenarios, cryptocurrency can bypass the cumbersome procedures of traditional financial institutions and high transaction fees, achieving rapid, low-cost fund transfers. By popularizing blockchain knowledge and the advantages of cryptocurrency, mass adoption and application of cryptocurrency among the public can be promoted, facilitating the healthy development of the cryptocurrency market.
Gasfree New Feature: Lowering the Barrier to Entry to Aid Institutional Access
Addressing technical issues, Justin Sun introduced the Gasfree new feature launched by TRON's TRON. This feature, after half a year of development, was officially released two weeks ago, providing a good user experience. In cryptocurrency transactions, Gas fees are the fees users need to pay when conducting transactions, used to incentivize miners to process and validate transactions. However, for regular users and institutions, there are certain challenges in paying and managing Gas fees.
Through the Gasfree new feature, users can generate a mirrored address to receive a USDT key, and regardless of how many addresses they have, the fee can be directly deducted from USDT, eliminating concerns about operational errors. This feature significantly simplifies the transaction process and lowers the barrier to entry. For regular users, there is no need to worry about calculating and paying Gas fees anymore; they can focus solely on the transaction itself. For institutions, the Gasfree feature provides a convenient solution for receiving stablecoins.
Many institutions are looking to integrate blockchain technology to achieve more efficient fund management and payment settlement, but they are reluctant to deal with cryptocurrency. Due to the high price volatility of cryptocurrency, institutions are concerned about asset risk. Additionally, even when using cryptocurrency to pay Gas fees, it adds extra operational costs and complexity for some institutions. The Gasfree feature meets the needs of institutions, allowing them to receive and send funds using addresses without directly dealing with cryptocurrency, significantly reducing the entry barrier and helping to onboard more institutions into the TRON ecosystem, promoting the broader application of blockchain technology.
Building a Better Ecosystem, Emphasizing Security Is Crucial
Justin Sun emphasizes that the ecosystem built on TRON has significant advantages over traditional finance. TRON's no KYC feature allows users to participate more freely in cryptocurrency transactions, protecting user privacy.
On TRON, users have complete control over their assets, eliminating the risk of accounts being frozen, ensuring the security of users' assets.
Furthermore, TRON has introduced the unfreezable stablecoin USDD, providing a more secure and convenient way for users to store wealth. The decentralized nature of USDD ensures that no single entity can freeze or control user assets, allowing users to confidently store wealth in USDD. However, Justin Sun also warns that due to users having 100% control and the autonomy of smart contracts, security issues cannot be ignored.
Events such as Bybit's $1.5 billion loss due to a multisignature smart contract have sounded the alarm for the industry. Multisignature smart contracts require multiple signatures to complete transactions, which should enhance security. However, due to contract vulnerabilities or improper operation, significant losses can still occur. Therefore, while enjoying the convenience brought by blockchain technology, a high emphasis must be placed on security to prevent issues such as hacking and key loss. If a private key is lost or stolen, users lose control of their assets, resulting in irreparable loss.
Additionally, Justin Sun mentioned that the company has implemented advanced security tools, mandatory for every device and software within the company, to address the risks of AI development. With the continuous advancement of AI technology, creating fake images, videos, etc., has become easier, posing a potential threat to financial account security. For instance, someone could potentially use a deepfake AI video to reset someone's exchange account, leading to fund theft. Enabling these technologies can enhance the security of devices and software, effectively mitigating such risks, further emphasizing the importance of security in the Web2 and Web3 domains.
During the roundtable discussion, Justin Sun shared profound insights and innovative practices on the development of crypto infrastructure, providing valuable thoughts and directions for the industry's advancement. This also showcased TRON's efforts in promoting cryptocurrency adoption and infrastructure development. With the collective efforts of all parties, the cryptocurrency industry is believed to embrace a brighter future.
It is reported that "BUIDL 2025," held at the JW Marriott Hotel in Hong Kong, was organized by Foresight News in collaboration with The Block and Foresight Ventures. The event aims to build an efficient platform for collaboration and communication among global crypto practitioners through the strong influence of bilateral media in the East and the West. The conference brought together industry giants, unicorn startups, top VCs, renowned KOLs, and other leading figures from various fields to ignite creative sparks, illuminate thoughts, and drive innovation and breakthroughs in the crypto industry.
This article is a contributed post and does not represent the views of BlockBeats.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
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· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
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The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
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· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
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The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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