HTX Research: The crypto industry flourished in multiple areas during the first half of 2025, highlighting the dual-engine effect of TRON and HTX
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HTX Research: The crypto industry flourished in multiple areas during the first half of 2025, highlighting the dual-engine effect of TRON and HTX
Projects with genuine cash flows, compliance prospects, and clear growth logic will become key targets for capital, while models relying on a single narrative or excessive financialization may face higher risks.
Navigating Web3 tides with focused insights
Recently, HTX Research, the dedicated research division of HTX, released its latest report titled "The State of the Crypto Industry in H1 2025", reviewing and analyzing key trends from 2025. The report highlights how digital asset treasuries (DAT) are becoming a standard corporate strategy, established projects in the Ethereum ecosystem are experiencing a resurgence, and competition in stablecoin payments is rapidly intensifying—painting a picture of broad-based growth across the crypto industry this year. Among these developments, TRON has maintained its leadership in stablecoin distribution channels, while HTX has stood out in on/off-ramping and new token trading, emerging as the most representative industry cases in the first half of 2025.
TRON: The King of the Stablecoin Arena
Amid escalating competition in stablecoin payment infrastructure, TRON firmly holds its title as the "king of payment networks." As of mid-2025, USDT supply on TRON has surpassed $80 billion, accounting for more than half of the global total, with average daily transaction volume exceeding $21 billion. Thanks to low fees, high efficiency, and deep partnerships with exchanges, TRON has built an unrivaled network effect in cross-border payments and emerging markets.
More notably, TRON is exploring the integration of the DAT model into its own ecosystem. By combining equity financing with on-chain staking yields, the size of the TRX treasury could continue to expand. This innovative approach not only provides additional support for the token’s value but also enriches the capitalization logic within the stablecoin ecosystem.
HTX: Strengthening Competitiveness Through Dual Advantages
In exchange competition, HTX has strengthened its edge through two strategic pathways:
● Standardized On/Off-Ramping: In April 2025, HTX launched the industry's first C2C trading zone called "Select Station," which strictly vets participating merchants and introduces a "0 freeze + 100% compensation" mechanism, backed by 7×24 customer support, significantly reducing fiat on/off-ramp risks and enhancing user trust.
● Leading New Token Trading: By mid-August, HTX had achieved cumulative spot trading volume of $38 billion for newly listed tokens this year, ranking second among major exchanges and capturing 22% of the market’s average daily new-token trading volume. Rapid listing of trending projects and deep liquidity support have made HTX one of the preferred platforms for new assets.
Meanwhile, HTX continues to climb global rankings across multiple authoritative data platforms, with steadily improving liquidity and asset reserves, further solidifying its competitive position in the industry.
In 2025, TRON and HTX demonstrate strong synergies across the "blockchain–payments–exchange" chain. TRON has laid a solid foundation for on-chain payments and lending by continuously expanding its stablecoin market share, strengthening its DeFi ecosystem, and exploring the TRX DAT model. HTX, meanwhile, has focused on securing on/off-ramp channels and boosting new token trading activity, ensuring user fund safety while consolidating market share through efficient listings and deep liquidity. This dual-engine structure positions both TRON and HTX at the core of the stablecoin and exchange ecosystems.
Conclusion
Beyond the standout performances of TRON and HTX, the report systematically outlines other key trends in the crypto industry this year: the DAT model is gradually becoming standard for enterprises; legacy projects in the Ethereum ecosystem are being revitalized by regulatory clarity and technological upgrades; perpetual DEX aggregators show strong innovation and growth potential; and the battle for stablecoin dominance underscores the fundamental principle that “channels are king.”
On the macro front, the Federal Reserve's policy stance has reached a turning point. With inflation continuing to ease and potential rate cuts on the horizon, market sentiment toward risk assets has improved markedly. Capital is beginning to flow back from money market funds into crypto and stock markets, leading to a looser overall liquidity environment. At the same time, Bitcoin's market dominance has declined from its mid-year peak, as capital accelerates its shift toward Ethereum and other sectors featuring new narratives, cash flows, and real-world applications—indicating structural reallocation rather than blind momentum chasing.
Looking ahead, this market cycle places greater emphasis on value and structural opportunities. Projects with genuine cash flows, regulatory clarity, and clear growth trajectories will become focal points for investment, while those relying on single narratives or excessive financialization may face higher risks. Under the combined forces of macro easing and industry innovation, the crypto sector is entering a new phase of development. Only projects that successfully combine solid fundamentals with innovative models will be positioned to thrive in the next cycle.
About HTX Research
HTX Research is the dedicated research arm of HTX, conducting in-depth analysis across cryptocurrencies, blockchain technology, and emerging market trends. It produces comprehensive reports and expert assessments, aiming to deliver data-driven insights and strategic foresight. HTX Research plays a critical role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous methodology and cutting-edge data analytics, HTX Research remains at the forefront of innovation, driving thought leadership and fostering deeper understanding of evolving market dynamics. Visit us.
For inquiries, please contact research@htx-inc.com
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