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Justin Sun Helps Launch First Crypto Token Issued by a Sovereign Nation (Dominica Coin) through Partnership with Huobi and Tron 

February 14th, 2023 at 12:13 pm UTC · 4 min read

Justin Sun Helps Launch First Crypto Token Issued by a Sovereign Nation (Dominica Coin) through Partnership with Huobi and Tron 
Photo: Tron DAO

The Caribbean nation of Dominica has officially become the first country to issue a crypto token. Crypto entrepreneur and diplomat Justin Sun announced the launch of Dominica Coin (DMC) through a partnership with the Huobi Global exchange, DMC Labs, and Tron DAO (decentralized autonomous organization).

In addition to DMC, Huobi issued Dominica Digital ID (DID), which a digital credential that’s the first of its kind and is designed to act as a key to the metaverse. DID can be used as KYC (know your customer) identification on the Huobi exchange and it can also be used as ID for a variety of financial services in Dominica.

Sun explained in a Nov. 29 2022 tweet:

“@HuobiGlobal partnered with @trondao and DMC Labs to jointly launch the world’s first national token, #DMC (Dominica Coin). #Huobi also supports Dominica Digital ID for KYC verification.”

Issued on the Tron blockchain and available for sale on the Huobi Prime platform, DMC can be used as legal tender in Dominica. DMC holders may have the opportunity to apply for passports from the government of Dominica, providing visa-free travel access to over 130 countries and regions around the world.

DMC is required to acquire a DID, which will provide holders with the rights of digital citizenship in the Dominica Metaverse, a virtual reality mapped to the country’s real-world environment.

Tron Is Dominica’s National Blockchain

The launch of DMC comes after the government of Dominica declared TRON the country’s national blockchain, with plans to base the country’s economic infrastructure on the smart contract platform.

Justin Sun said in October 2022 following the announcement:

“The Tron team and myself are delighted that Prime Minister Roosevelt Skerrit trusts Tron to develop the blockchain infrastructure that will empower their participation in the decentralized financial future. We hope it is the first of many technological partnerships with sovereign governments to come.”

The partnership is the first collaboration between a public blockchain and a sovereign nation with the goal of developing a national economic infrastructure. DMC will play a key role in this infrastructure, as will other tokens such as TRX and the USDD stablecoin, both of which are also now accepted as legal tender in Dominica.

For Justin Sun, the historic partnership represents a robust use case for the Tron platform, which can utilize smart contracts to offer decentralized financial services beyond the exchange of tokens, including lending and borrowing, and the minting and exchange of non-fungible tokens.

Sun told Decrypt in an interview on the partnership and Tron’s future:

“I always want to bridge the Web3 world to the real world. I really want to build infrastructure for Web3, but also for Dominica and Grenada … to bring Web3 to those small island economies. It can really empower their economy and benefit local people.”

As Ambassador and Permanent Representative of Grenada to the World Trade Organization, Justin Sun is committed to helping the global economy realize the benefits of a decentralized blockchain infrastructure and he sees the Caribbean region as a key catalyst for the technology’s broader acceptance.

Justin Sun on Huobi’s Role

Sun stepped down as Tron CEO as the network became the world’s largest DAO. However, he remains closely involved in a variety of projects in the crypto industry, including a role on the global advisory board overseeing Huobi’s international expansion strategy.

One of the top Chinese exchanges prior to China’s decision to ban crypto trading, Huobi is now in the midst of expanding its services internationally, and its partnership with Sun and Tron looks to play a crucial role in the exchange’s growth.

The issuance of DMC on Huobi is a good example of the partnership’s potential. According to CoinDesk, the value of Houbi’s HT token rose 15% in the 24 hours following the announcement, marking a seven-day rise of 40%. HT token continues to surge in value following the announcement of Sun’s appointment to the global advisory board.

Sun tweeted:

“#HT will be used as the only acceptable asset in the subscription of #DMC (Dominica Coin) and granted as the only token of access and using in the @HuobiGlobal ecosystem.”

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