HTX Research: Multi-point Blossoming of the Crypto Industry in the First Half of 2025, with TRON and HTX Coin Driving Growth

2025-09-04 16:14

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近日，火币HTX旗下专属研究部门HTX Research 发布最新研报《2025上半年加密行业格局》，回顾并解析了2025年的核心趋势。报告指出，从数字资产财库（DAT）正在成为企业「标配」策略，到以太坊生态的老牌项目焕发新生，再到稳定币支付大战迅速升温，今年加密行业呈现出多点开花的繁荣景象。其中，波场TRON 在稳定币渠道领域稳居龙头，火币HTX 则在出入承兑与新币交易赛道表现突出，成为2025年上半年最具代表性的行业案例。

Article Source: HTX

Recently, HTX, the exclusive research department under Huobi, released its latest research report "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 the rejuvenation of longstanding projects in the Ethereum ecosystem, to the rapidly intensifying stablecoin payment battle, this year the crypto industry is showing a flourishing scene of multi-point development. Among them, TRON in the Tron network has taken the lead in the stablecoin channel field, while HTX has demonstrated outstanding performance in fiat onramp/offramp and new coin trading, becoming the most representative industry case in the first half of 2025.

TRON: The King of the Stablecoin Race

Against the backdrop of intensified competition in the stablecoin payment channel, TRON sits firmly as the "king of the payment network." As of mid-2025, the supply of USDT on TRON has exceeded 80 billion US dollars, accounting for more than half of the global total, with a daily trading volume of over 21 billion US dollars. With low fees, high efficiency, and deep cooperation with trading platforms, TRON has built an unshakable network effect in cross-border payments and emerging markets.

Of particular note is TRON's exploration of integrating the DAT model into its ecosystem. Through equity financing combined with on-chain staking rewards, the TRX treasury size 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.

HTX: Strengthening Competitiveness with Dual Advantages

In the competition among trading platforms, HTX has strengthened its advantage through two paths:

● Standardized Fiat Onramp/Offramp: In April 2025, HTX
launched the industry's first C2C trading zone "Selection Station," rigorously screening merchant applicants and introducing a "0 freeze + 100% compensation" mechanism. Combined with 24/7 rapid response, this has significantly reduced fiat onramp/offramp risks, enhancing user trust.

● Leading New Coin Trading: As of mid-August, HTX
has achieved a cumulative trading volume of 38 billion US dollars in new coin spot trading this year, ranking second among mainstream trading platforms, accounting for 22% of the market's daily average trading volume of new coins. The rapid listing of popular projects and deep liquidity support have made HTX one of the preferred platforms for new assets.

Meanwhile, Huobi HTX's global ranking on multiple authoritative data platforms continues to rise, with liquidity and asset reserve capacity steadily strengthening, further consolidating its competitive position in the industry.

By 2025, TRON from the TRON Foundation and Huobi HTX have demonstrated a powerful synergy in the "Public Chain - Payment - Exchange Platform" triad. TRON has expanded its stablecoin market share, strengthened the DeFi ecosystem, and explored the TRX DAT model, laying a solid foundation for on-chain payments and lending. On the other hand, Huobi HTX has focused on enhancing the security of fund deposit and withdrawal channels and increasing new coin trading activity, not only safeguarding user funds but also consolidating market share through efficient new listings and deep liquidity. This dual-driven structure propels TRON and Huobi HTX towards a core position in the stablecoin and exchange platform ecosystem.

Conclusion

In addition to the impressive performance of TRON and Huobi HTX, this research report also systematically reviews other key trends in the crypto industry this year: the DAT model is gradually becoming a standard for enterprises, projects within the Ethereum ecosystem are experiencing a resurgence under compliance and technological advancement, perpetual DEX aggregators are demonstrating strong innovation and growth potential, while the stablecoin payment battle highlights the fundamental logic of "channel supremacy."

At a macro level, the Federal Reserve's policy tone has undergone a turning point, with continuous inflation decline and signals of potential interest rate cuts, significantly improving market expectations for risk assets. Funds are starting to flow back from money market funds to the crypto and stock markets, driving an overall easy liquidity environment. Meanwhile, Bitcoin's market dominance has retreated from its mid-year high, with funds accelerating their migration to Ethereum and other sectors with new narratives, cash flow, and application scenarios, indicating that capital is undergoing structural reconfiguration rather than blindly chasing a broad market upswing.

Looking ahead, this market cycle emphasizes value and structural opportunities even more. Projects with real cash flow, compliance prospects, and clear growth logic will become the focus of capital attraction, while those relying on a single narrative or overly financialized models may face higher risks. With the combined effect of macro looseness and industry innovation, the crypto industry is entering a new stage of development. Projects that can truly combine sound fundamentals with innovative models are poised to go further in future cycles.

About HTX Research

HTX Research is the dedicated research department under Huobi HTX, responsible for conducting in-depth analysis of a wide range of areas such as cryptocurrency, blockchain technology, and emerging market trends. They write comprehensive reports and provide professional assessments. HTX Research is committed to offering data-driven insights and strategic foresight, playing a key role in shaping industry viewpoints and supporting wise decision-making in the digital asset space. With rigorous research methods and cutting-edge data analysis, HTX Research always stands at the forefront of innovation, leading the development of industry thinking, and promoting a deep understanding of the ever-changing market dynamics.