The DAT became the standard of corporate crypto as Stablecoins obtain payments in 2025.
The Digital Asset Treasury (DAT) approach has moved from an experiment to a consensus playbook for public companies looking for a balance-sheet exposure. Digital assets treasury is listed in companies that accumulate tokens as Treasury owners, using the power of stock market financing to continue to increase onchain holders.
In its half-year report, HTX Research has ruined how the DAT approach has become the standard in the industry, how the eternal integrated combinations, how stablecoins remain a dominant narrative, and more.
DATS 101: How the “MNAV Flywheel” has become Benchmark of Corporate Crypto
The approved spot Btc and eth etf And the transfer to the fair amount of accounting for crypto has become simpler for public companies to disclose and manage token exposure. The visibility, paired with the financing of the equity market, catalyzed digital asset treasury (DATS).
Digital asset treasures follow a comprehensive approach to their appreciation logic following the cost of the net asset (NAV), the price of the token-per-share × price token, is the basic measure. Market-to-Nav ratio (MNAV = Stock ÷ NAV price) measures premium investors paying for pure property.
A 1.0-1.5 MNAV usually reflects the value of the token along with growth expectations; Continued reading> 2.0 indicates enthusiasm that may be fragile. When MNAV <1, new shares shares.
Finally, the DAT strategy model improves its uniqueness to strong players, showing that the company is not only focusing on the accumulation of bitcoin but also prefers to optimize its financing structure. Conversely, mid-tier and weaker treasury companies still need to rely on convertibles, pipes, and credit facilities, with higher levels of seizures, making them vulnerable when markets cool.
Interestingly, strategy stock performance has been able to maintain a high premium for a long time as markets follow an alternative speed. This difference explains why strategy stock performance exceeds Bitcoin itself, allowing it to remain early in the wild crypto treasury market.
Stablecoin Rail Wars: From Tech to Channel Control, with the Tron that defends Moat
Stablecoins settle quickly, interrelated with chains, and now undergo payroll, remittance, and B2B flow. Recently Research featured why Fully reserved designs, 24/7 settlements, and features such as cash features draw corporations and fintechs on railroads dollars. The policy is taken in both directions.
With Genius Act Signed in July 2025 and the Stable Act passed in April 2025, the US already has a federal framework for payment of stablecoins (full-reserve backing, audits, AML controls) Signed a policy of green light for banks, card networks, and fintechs to include dollars tokens in cross-borders and settlement. Stablecoins end from trading instruments to plumbing for global payment.
However, the competitive border for stablecoin infrastructure is no longer throughput or lowest nominal fees; This is a control channel. Multiple independent data sets show the tron that has raised $ 80B+ in USDT supply and processing more USDT transfers (as and value) than Ethereum by H1 2025.
H1 Review of Cryptoquant H1 Tallies ~ 2.3–2.4m USDT Transfer per day on Tron and average sun -day moving USDT move near $ 23-255, magnitudes above rival chains. Monthly network activity also sets multi-year highs, with 273m May and 28.7M active addresses in June. According to these metrics, Tron remains dominant train.
Defi Feedback loops Tron reinforces its main position in payments. The Sunswap DEX volumes led the $ 3B month -a month -old (the release near $ 3.8B in May), while lending demand to Justlend went up, pushing the Stablecoin and Onchain funding speed that maintains USDT that moves -shift to the throne.
Tron There are competitive advantages in the field for the following reasons:
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Low Moving Cost: The tooling compatible with EVM and early ERC-20 lines has made the USDT transfer for developers and DAPPS, thus taking the majority of the Stablecoin payment market.
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DEEP EXCHANGE DEFAULT: Basic platforms, such as Binance and Kucoin, are increasingly prioritized tron for deposits/withdrawal, creating path-dependent flows.
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The emerging market that fits: Remittances and payroll in LatamAfrica, and Sea in favor of Tron’s low, predictable costs.
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Close-zero transition costs for institutions: DPOs with bandwidth/energy staking support high -volume flows.
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Moat of Stickiness Formation-OTC desks and corridors are “locked” through liquidity habits, not code.
Beyond the payments, the exchange competition is re -formed in the face of expanding this stablecoin. HTX’s new “verified station”, launched in August 2025, is OTC’s curates with “zero-freeze” histories. It pairs with a 0-freeze, 100% repayment policy of up to 10,000 USDT for Stablecoin off-ramp. According to Cryptoquant, Until mid-August 2025, the volume of YTD Spot’s HTX spot for new lists reached $ 38B, which first ranked “second-tier” exchanges and accounting for 22% of new-wetting trading. Binance -led with $ 133b, followed by Bybit ($ 35b) and MEXC ($ 34B).
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