Recently, HTX Research, the exclusive research department under Huobi HTX, released its latest research report "The Crypto Industry Landscape in the First Half of 2025," reviewing and analyzing the core trends of 2025. The report points out that from Digital Asset Treasury (DAT) becoming a standard strategy for enterprises, to veteran projects in the Ethereum ecosystem rejuvenating, and the stablecoin payment competition heating up rapidly, the crypto industry has shown a prosperous scene of blossoming in multiple areas this year. Among them, TRON leads the stablecoin channel sector, while Huobi HTX excels in the fiat on-ramp/off-ramp and new coin trading tracks, making them the most representative industry cases in the first half of 2025.
TRON: The King of the Stablecoin Track
Against the backdrop of intensifying competition in stablecoin payment channels, TRON firmly holds the title of "King of Payment Networks." As of mid-2025, the supply of USDT on TRON has exceeded $80 billion, accounting for more than half of the global total, with a daily average transaction volume of over $21 billion. Leveraging low fees, high efficiency, and deep cooperation with trading platforms, TRON has built an unshakable network effect in cross-border payments and emerging markets.
More notably, TRON is exploring the introduction of the DAT model into its own ecosystem. Through equity financing combined with on-chain staking yields, the scale of the TRX treasury is expected to continue expanding. This innovative approach not only provides additional support for the token's value but also further enriches the capitalization logic of the stablecoin ecosystem.
Huobi HTX: Dual Advantages Strengthen Competitiveness
In the competition among trading platforms, Huobi HTX strengthens its advantages through two paths:
● Standardized Fiat On-Ramp/Off-Ramp: In April 2025, Huobi HTX launched the industry's first dedicated C2C trading zone "Selection Station," strictly screening merchants and introducing a "0 Freeze + 100% Compensation" mechanism. Combined with 7×24 rapid response, it significantly reduces the risk of fiat currency deposits and withdrawals and enhances user trust.
● Leading New Coin Trading: As of mid-August, the cumulative trading volume of new coin spot trading on Huobi HTX this year reached $38 billion, ranking second among mainstream trading platforms and accounting for 22% of the daily average trading volume of new coins in the market. The rapid listing of popular projects and deep liquidity support have made Huobi HTX one of the preferred platforms for new assets.
Meanwhile, Huobi HTX's global ranking on several authoritative data platforms continues to rise, and its liquidity and asset reserve capabilities are steadily strengthening, further consolidating its competitive position in the industry.
In 2025, TRON and Huobi HTX demonstrate the powerful momentum of the "public chain-payment-trading platform" linkage. TRON lays a solid foundation for on-chain payments and lending by continuously expanding its stablecoin market share, strengthening the DeFi ecosystem, and exploring the TRX DAT model. Huobi HTX focuses on securing fiat channels and boosting new coin trading activity, not only safeguarding user funds but also consolidating its market share through efficient new listings and deep liquidity. This dual-wheel drive structure positions TRON and Huobi HTX at the core of the stablecoin and trading platform ecosystem.
Conclusion
In addition to the outstanding performance of TRON and Huobi HTX, the report also systematically outlines other key trends in the crypto industry this year: the DAT model is gradually becoming a standard for enterprises, veteran projects in the Ethereum ecosystem are rejuvenated by compliance and technological advancements, perpetual DEX aggregators show strong innovation and growth potential, and the stablecoin payment war highlights the essential logic of "channels are king."
At the macro level, the Federal Reserve's policy stance has reached an inflection point. Persistently declining inflation and potential signals of interest rate cuts have significantly improved market expectations for risk assets. Funds have begun to gradually flow back from money market funds to the crypto and stock markets, promoting an overall easing of the liquidity environment. Meanwhile, Bitcoin's market dominance has declined from its mid-year high, and capital is accelerating its migration to Ethereum and other sectors with new narratives, cash flows, and application scenarios, indicating that capital is undergoing structural allocation rather than blindly chasing a broad market rally.
Looking ahead, this market cycle places greater emphasis on value and structural opportunities. Projects with genuine cash flows, compliance prospects, and clear growth logic will become the focus of capital pursuit, while models reliant on single narratives or excessive financialization may face higher risks. Under the combined effect of macro easing and industry innovation, the crypto industry is entering a new stage of development. Only projects that truly combine robust fundamentals with model innovation are expected to go further in the future cycle.
About HTX Research
HTX Research is the exclusive research department under Huobi HTX, responsible for conducting in-depth analysis on a wide range of areas including cryptocurrency, blockchain technology, and emerging market trends, producing comprehensive reports, and providing professional evaluations. HTX Research is committed to delivering data-driven insights and strategic foresight, playing a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methodologies and cutting-edge data analysis, HTX Research consistently stays at the forefront of innovation, leads industry thought development, and promotes a deeper understanding of evolving market dynamics.
