Last weekend, we took advantage of everyone's eating melon to study the report card of the third quarter of next Huobi and see the next round of growth logic of cryptofinance. After the thirteenth anniversary, Huobi is really worth looking forward to! To observe the long-term development of an encryption platform, it is necessary to consider the transaction scale, business structure, and service capabilities together. The transaction scale reflects market participation, the business structure reflects growth potential, and the continuous improvement of service capabilities is related to whether the platform can transform market opportunities into long-term accumulation. From this perspective, the report card of the third quarter of 2026 of Huobi HTX released a positive signal that deserves attention: at the 13th anniversary, the platform is gradually opening a broader business space by expanding global asset transactions, improving capital services and promoting compliance construction. Behind this, there is an industry mainline worth long-term observation: the connection between the digital asset market and traditional finance is gaining more exploration. In its 2025 annual economic report, the Bank for International Settlements discussed the possibility of a next-generation financial system supported by tokenized central bank reserves, commercial bank currency, and government bonds. The digitization of assets and the evolution of financial infrastructure have entered an important research agenda in the global financial system. Source: Bank for International Settlements For trading platforms, this means greater opportunities for development. As users' attention to global assets continues to expand, platforms can meet more diverse needs by enriching product offerings, integrating market information, and improving trading experiences. Whoever can organize these services more effectively has the opportunity to establish their position in new market connections. Huobi's TradFi business in the third quarter provides a specific sample for observing this direction. According to the platform's disclosure, the trading volume of TradFi in the third quarter reached $4.1 billion, and as of the time of report release, the cumulative trading volume was close to $6 billion. There were 278 tradable targets related to stocks, covering multiple markets and investment themes. Source: Huobi HTX Q3 Transcript The significance of this set of data lies in the fact that business expansion has already formed a certain transaction scale. For users who meet the admission criteria, the platform provides price exposure of related assets through derivatives such as perpetual stock contracts, enabling them to participate in more global market themes in a familiar trading environment. From a business perspective, the expansion of asset coverage has the opportunity to enrich the platform's business sources. The driving factors for different assets vary: the technology industry focuses on innovation and capital expenditures, consumer companies focus on changes in demand, and high dividend companies reflect more on cash flow and distribution capabilities. Diversified asset supply can help platforms undertake trading needs at different stages and preferences, and also increase more possibilities for business development. The long-term value of this direction also depends on whether the service can keep up with asset expansion. Huobi improved the dividend settlement mechanism, asset information page and market classification of stock perpetual contracts in the third quarter. These details reflect a positive change: the platform is supplementing corresponding product capabilities around richer asset classes. As business complexity increases, information quality, trading experience, and risk management tools will become important components of platform competitiveness. The expansion of financial services is another observation clue of this report card. The report disclosed that in the third quarter, the number of participating users of Huobi Earn was close to 500000, and the subscription amount was close to 1 billion USD; The online arrangement of New Coin Wealth Management has also been adjusted to synchronize with the real-time launch of eligible new assets. Source: Huobi HTX Q3 Transcript The subscription scale reflects the level of user participation in related products. From the perspective of platform development, the connection between trading, wealth management, and lending services helps to meet the needs of users at different stages of fund utilization: liquidity and execution efficiency are required when participating in trading, attention is paid to fund utilization when temporarily holding assets, and financing and risk management are involved when adjusting positions. When these demands can receive smoother responses within the same service system, the platform has the opportunity to increase user usage frequency and form more sustainable service relationships. For a long-term operating platform, the depth of this service is a valuable accumulation that deserves attention. Its commercial value needs to be further reflected through subsequent user retention, product experience, and operational efficiency. At the same time, the expansion of business boundaries also requires the synchronous construction of compliance capabilities. According to the progress disclosed in the report, the establishment of Huobi's relevant application subject in Dubai has been preliminarily approved by VARA, and the subsequent regulatory application and compliance review are still in progress; In Pakistan, based on the obtained NoC, we will continue to promote the establishment of local entities, formal license applications, and compliance system construction. These are interim progress and also reflect the platform's investment in long-term market access. From a long-term perspective, compliance construction is related to which markets the platform can enter in the future, what services it can provide, and what kind of cooperative relationships it can establish. The accumulation of relevant abilities usually takes time, and their value will gradually emerge as the business develops. For platforms that wish to expand their global asset services, continuing to advance these foundational tasks will help establish a clearer path for future growth. Putting the above changes together, we can see the more valuable structural signals in Huobi's third quarter report: asset supply expanded the coverage of demand, capital services increased the depth of business, and compliance construction created conditions for long-term operation. These abilities have the potential to promote each other and also constitute important clues for the next stage of development of the observation platform. The 13th anniversary adds a dimension of time to this transcript. A platform that has gone through multiple market cycles has the opportunity to transform the experience gained from long-term operations into continuous improvement in user demand, product rhythm, and service quality. What is truly worth paying attention to is how these accumulations can continue to play a role in new business directions. This third quarter report card of Huobi shows the positive progress of this transformation. TradFi's business has formed a trading scale, fund services continue to improve, and global compliance work is steadily advancing, jointly outlining a more scalable platform development direction. From a macro perspective, the future growth space of encrypted finance will be closely related to its ability to connect real assets, serve diverse needs, and improve the efficiency of fund circulation. Huobi is continuously investing in these directions, and therefore becomes an industry sample worthy of continuous observation. The most valuable expectation for its next stage is to allow the thirteen years of accumulation to continue growing in a broader financial services landscape. Original link of Huobi transcript: https://square. 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