Justin Sun eyes ‘Swift’ for virtual asset sector, praises Hong Kong crypto moves

Cryptocurrency entrepreneur Justin Sun says he is trying to establish the Tron blockchain, which he founded and launched in 2018, as the virtual asset industry’s answer to Swift – the main messaging network used by the global banking system – on the back of a surge in stablecoin transactions around the world.

“I estimate that our facilitated transactions will exceed Swift’s in the next five years,” Sun, 35, said in an interview with the South China Morning Post. He added that the transaction volume through Tron was already expected to reach US$8 trillion this year.

“In the future, we can easily boost the transaction volume to US$300 trillion or US$400 trillion,” Sun said. “It won’t be a surprise if we could handle transactions 10 times or even 100 times larger than Swift.”

The Belgium-based cooperative formally known as the Society for Worldwide Interbank Financial Telecommunication, Swift handles about US$150 trillion in cross-border financial transactions every year.

Sun pointed out that Swift is processing transactions in days. By comparison, “Tron is facilitating transactions in seconds”, he said.

His confidence reflects the growing influence of the Tron blockchain in stablecoin transactions globally. Stablecoins are a type of cryptocurrency that has a fixed value by being pegged to a reference asset, such as the US dollar.

South China Morning Post