Projects with real cash flow, compliant prospects, and clear growth logic will become the focus of capital pursuit, while those relying on a single narrative or excessive financialization may face higher risks.
Recently, Huobi HTX’s dedicated research department, HTX Research, released the latest research report titled “Cryptocurrency Industry Landscape in the First Half of 2025”, reviewing and analyzing the core trends for 2025. The report points out that from the digital asset treasury (DAT) becoming a standard strategy for enterprises, to the revival of established projects in the Ethereum ecosystem, and the rapid escalation of the stablecoin payment war, the cryptocurrency industry is showing a prosperous scene with multiple points of bloom this year. Among them, TRON has firmly established itself as the leader in the stablecoin channel sector, while Huobi HTX has excelled in deposit and withdrawal as well as new coin trading, becoming one of the most representative industry cases in the first half of 2025.
TRON: The King of the Stablecoin Sector
In the context of intensified competition in stablecoin payment channels, TRON firmly holds the title of "King of Payment Networks." By mid-2025, the supply of USDT on TRON has surpassed $80 billion, accounting for more than half of the global total, with a daily trading volume exceeding $21 billion. With low fees, high efficiency, and deep cooperation with exchanges, TRON has built an unshakeable network effect in cross-border payments and emerging markets.
What’s more noteworthy is that TRON is exploring the introduction of the DAT model into its own ecosystem. By combining equity financing with on-chain staking returns, the scale of the TRX treasury is expected to continue expanding. This innovative path not only provides additional support for token value but also further enriches the capitalization logic of the stablecoin ecosystem.
Huobi HTX: Dual Advantages Strengthening Competitiveness
In the competition among exchanges, Huobi HTX strengthens its advantages through two paths:
● Standardization of Deposit and Withdrawal: In April 2025, Huobi HTX launched the industry’s first C2C trading area, “Selection Station,” which strictly screens merchants and introduces a “0 freeze + 100% compensation” mechanism, combined with 24/7 rapid response, significantly reducing the risks of fiat deposit and withdrawal and enhancing user trust.
● Leading New Coin Trading: By mid-August, Huobi HTX's cumulative trading volume for new coins this year reached $38 billion, ranking second among mainstream exchanges and accounting for 22% of the daily trading volume of new coins in the market. The rapid launch of popular projects and deep liquidity support have made Huobi HTX one of the preferred platforms for new assets.
At the same time, Huobi HTX's global ranking on several authoritative data platforms continues to rise, with liquidity and asset reserve capabilities steadily enhancing, further consolidating its competitive position in the industry.
In 2025, TRON and Huobi HTX demonstrate a strong momentum of “public chain—payment—exchange” linkage. TRON is laying 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 is focusing on the security of deposit and withdrawal channels and the activity of new coin trading, not only ensuring the safety of user funds but also consolidating market share through efficient new listings and deep liquidity. This dual-driven structure positions TRON and Huobi HTX at the core of the stablecoin and exchange ecosystem.
Conclusion
In addition to the impressive performance of TRON and Huobi HTX, the report also systematically outlines other key trends in the cryptocurrency industry this year: the DAT model is gradually becoming a standard for enterprises, established projects in the Ethereum ecosystem are revitalizing under compliance and technological promotion, perpetual DEX aggregators are showing strong innovation and growth potential, and the stablecoin payment war highlights the essential logic of “channel supremacy.”
On a macro level, the Federal Reserve's policy tone has turned a corner, with inflation continuing to decline and potential signals of interest rate cuts being released, significantly improving market expectations for risk assets. Funds are gradually flowing back from money market funds to the cryptocurrency and stock markets, pushing the overall liquidity environment towards a more accommodative state. Meanwhile, Bitcoin’s market dominance has retreated from its mid-year peak, with funds accelerating their migration towards Ethereum and other sectors with new narratives, cash flow, and application scenarios, indicating that capital is undergoing structural allocation rather than blindly chasing a general rise.
Looking ahead, this market cycle emphasizes value and structural opportunities even more. Projects with real cash flow, compliant prospects, and clear growth logic will become the focus of capital pursuit, while those relying on a single narrative or excessive financialization may face higher risks. Under the combined effects of macro accommodation and industry innovation, the cryptocurrency industry is entering a new stage of development, where projects that can truly combine robust fundamentals with model innovation are expected to go further in future cycles.
About HTX Research
HTX Research is the dedicated research department of Huobi HTX, responsible for in-depth analysis across a wide range of fields including cryptocurrencies, blockchain technology, and emerging market trends, writing comprehensive reports, and providing professional assessments. HTX Research is committed to providing 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 methods and cutting-edge data analysis, HTX Research consistently stands at the forefront of innovation, leading the development of industry thought and promoting a deeper understanding of the ever-changing market dynamics. Visit us.
If you wish to communicate, please contact research@htx-inc.com
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