Tron (TRX) is making headlines after surpassing Dogecoin (DOGE) in market capitalization, becoming the eighth-largest cryptocurrency. This development follows news of Tron’s plan to go public via a reverse merger with Nasdaq-listed SRM Entertainment. SRM shares had surged over 300% following the announcement.
Justin Sun has established multiple links to Donald Trump1 and Trump-related ventures. He was reportedly the largest holder of the Trump memecoin, by investing over $20 million. Sun also invested $75 million in World Liberty Financial, a Trump-affiliated crypto venture whose stablecoin, USD1, is listed on the Tron blockchain.
Additionally, Tron’s planned reverse merger with SRM Entertainment is being facilitated by Dominari Securities, whose parent company’s board includes Donald Trump Jr. and Eric Trump, further deepening Sun’s indirect ties to the Trump network. While exact funding details remain unconfirmed, reports suggest a $100 million equity investment, potentially rising to $210 million with warrants.
Justin Sun had recently met with Bo Hines, Executive Director of the Presidential Council of Advisors on Digital Assets to discuss Tron’s role in the US crypto landscape.
However, Tron and its founder, Justin Sun, still face an unresolved SEC civil lawsuit over alleged securities violations and market manipulation, with proceedings currently on hold.
Tron Too Big to Fail?
In a surprising lead, Tron (TRX) has generated over $3.1 billion in blockchain fees over the past year, outperforming Ethereum ($1.2B) and Solana ($994.5M), according to 365-day data.
This positions Tron as the highest revenue-generating Layer 1 blockchain, driven by high stablecoin and transactional throughput.
According to Crypto Quant, TRON now dominates stablecoin usage, processing over 283 million USDT transfers in 2025 and surpassing Ethereum in total USDT supply, with $75.8B issued on its network. TRON’s daily USDT transfer volume hit $23.4B, more than double Ethereum’s $10.5B, and it processes 2.4 million daily transactions, far outpacing Ethereum’s 284K.
Conclusion
While Tron’s surge in market cap and on-chain activity highlights its growing influence in crypto infrastructure, particularly in stablecoin settlements, its public listing ambitions and political ties raise both opportunity and regulatory uncertainty. Whether this momentum leads to lasting institutional credibility or further scrutiny remains to be seen.
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