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Asia Morning Brief: Tron’s IPO could serve as a ‘Visa Moment’ for investors regarding stablecoins.

If stablecoins are the future of payments, Tron Inc. may be the way for investors to gain exposure to these new financial rails, especially in emerging markets, not Circle.

Updated on June 17, 2025,

Published on June 17, 2025,

What You Need to Know

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Tron is heading for an IPO via a reverse merger with SRM Entertainment, providing investors indirect exposure to the blockchain that supports over 50% of USDT and 30% of global stablecoin activity.

This is essentially a payment rail play for the Global South, similar to how Visa and Mastercard served the U.S. and how Alipay/Tencent served China.

Unlike Circle, which issues USDC but does not control its underlying infrastructure, Tron directly benefits from network fees and the volume of stablecoins on-chain, especially in unbanked markets in the developing world.

Good morning, Asia. Here’s what’s capturing market interest:

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As the trading day begins in Asia, Tron DAO's TRX token is trading steadily, up 1%.

Crypto traders do not seem to be paying much attention to the recent announcement that Tron - for all intents and purposes - will ‘go public’ on the Nasdaq through a reverse merger with SRM Entertainment, a lightly traded Nasdaq-listed gaming company that is now rebranding as ‘Tron Inc.’ with a TRX treasury strategy.

While the public blockchain offering may be a bit different from what traditional investors are used to, it could theoretically serve as an infrastructure play for stablecoins.

The proposed SPAC will give stock traders access to a network accounting for 30% of all stablecoin transactions (according to DeFi Llama data), where half of all traded USDT resides.

In contrast, while Circle is a regulated issuer of USDC, a fiat-backed stablecoin, Tron Inc. is likely to provide investors with indirect exposure to the blockchain network that facilitates a significant portion of global stablecoin activity in both the crypto market and the rapidly growing Global South, where populations are skeptical of the current banking system.

Unlike Circle, which does not control the infrastructure on which USDC is traded, Tron operates the network itself.

This is where the business models diverge: Tron captures transaction fees and activity on-chain directly, while Circle's business model focuses on custody, compliance, and interest income on the reserves backing USDC.

Data on the chain shows that the Tron network hosts massive whale activities, with a recent note from CryptoQuant indicating that 59% of USDT volume in May on Tron came from transactions over one million dollars.

Tron is also the preferred network for countries where local populations do not trust the current banking system, from Lebanon to Argentina and Brazil.

As CoinDesk noted earlier, users in these emerging markets lacking banking services typically prefer direct access to dollars using Tether on Tron instead of thinking in terms of stablecoins or blockchain protocols more broadly.

And while the market's reaction has been muted, experienced investors in fintech or infrastructure may recognize the pattern.

Visa's IPO in 2008, which followed Mastercard's in 2006, gave public markets an opportunity to benefit from payment systems in the developed world. Improved Western consumer health and willingness to spend have led to increased fees across the networks involved, flowing profits into investors' pockets.