Leading cryptocurrency exchange HTX recorded approximately $3.3 trillion in trading volume during 2025, marking a 39% year-on-year increase as the platform navigated a volatile market characterized by regulatory uncertainty and shifting liquidity dynamics.

The Seychelles-based exchange, formerly known as Huobi, reported net capital inflows of $608 million throughout the year while maintaining what it described as a "flawless record of zero security incidents." The platform's global user base exceeded 55 million, adding 6 million new registrants (an 85% increase compared to the year prior).

HTX’ Long-Term Approach Sees Validation

HTX's derivatives business demonstrated particular strength, with futures trading volume reaching $1.4 trillion, representing 50% growth from the previous year. The platform listed 208 new futures trading pairs during the period, with approximately 63% of new listings experiencing gains of more than 200%.

Spot trading accounted for over $1.9 trillion USDT in volume, driven in part by increased adoption of automated trading tools. Grid trading volume surged 97% year-on-year, while capital allocated to grid strategies doubled. The exchange attributed this growth to heightened market volatility, which pushed traders toward systematic approaches for navigating price fluctuations.

"HTX practices long-termism with the conviction of making incremental progress every day," the platform stated in its annual report.

Reserve Transparency and Compliance Focus

The exchange's USDT reserves grew approximately 150% during 2025, rising from roughly 695 million tokens in January to around 1.765 billion by December. HTX maintained monthly publication of Merkle Tree Proof of Reserves throughout the year, with reserve ratios consistently at or above 100%.

Assets held under third-party custody expanded significantly, with USDT in custody arrangements increasing from approximately 650,000 tokens at year-start to 10.62 million by year-end. 

As part of the push, the platform partnered with BitGo to launch an institutional custody solution based on off-chain settlement mechanisms.

Regulatory Progress

On the regulatory front, HTX secured a No Objection Certificate from Pakistan's Virtual Assets Regulatory Authority, becoming one of the first two global platforms to meet the country's licensing requirements. The exchange also received Approval in Principle for a Virtual Asset Service Provider license from Dubai's VARA and advanced applications for custody and brokerage licenses in Bahrain.

HTX also formally joined the Beacon Network in August, a real-time cryptocurrency crime response initiative led by TRM Labs, alongside other major exchanges and law enforcement agencies.

Operational Metrics and Market Position

The exchange's over-the-counter trading desk processed approximately $360 billion in transaction volume, serving 3.93 million users across 231 countries and regions. The platform supports 187 cryptocurrencies, 74 fiat currencies, and more than 600 payment methods.

In April, HTX introduced P2P Premium, described as the industry's first dedicated high-quality peer-to-peer trading zone. The service maintained what the platform called a "zero-freeze operational record" while offering a full compensation mechanism for qualifying cases involving judicial account freezes.

Customer support teams handled 2.724 million user interactions throughout the year, with overall satisfaction scores reaching 82%. The platform's anti-money laundering systems underwent significant upgrades, incorporating enhanced customer identity verification and on-chain transaction monitoring capabilities.

According to a November research report from CoinDesk, HTX recorded a 2.06% increase in market share during 2025, ranking first among mainstream centralized exchanges globally by this metric. The platform also received recognition from Forbes, which named it among the "World's Most Trustworthy Crypto Exchanges for 2025."

HTX Ventures, the exchange's investment arm, published 41 research reports during the year, covering sectors including decentralized finance innovation, real-world assets, AI agents, stablecoin payments, and tokenized securities.

Key Takeaways

HTX's 2025 performance is impressive, the exchange compounding its dominant position in the sector. Particular highlights include:

• Trading volume growth: $3.3 trillion processed, up 39% year-on-year
• User acquisition: 6 million new registrants, representing 85% growth
• Reserve expansion: USDT holdings increased 150% from 695 million to 1.765 billion
• Regulatory progress: Secured licensing approvals in Pakistan, Dubai, and Bahrain
• Security record: Zero incidents maintained throughout a volatile market year
• Market share gains: 2.06% increase, leading mainstream centralized exchanges

The combination of sustained volume growth, expanding regulatory footprint, and strengthened reserve transparency positions the exchange as a notable case study in institutional-grade infrastructure development within the digital asset sector. 

To put it bluntly, HTX had a phenomenal year of growth, despite headwinds across the wider market.

Sources

• HTX: HTX 2025 RECAP & 2026 OUTLOOK | Defining the Next Growth Cycle Through Long-Termism
• HTX: HTX Joins TRM Labs’ Beacon Network to Strengthen Global Fight Against Crypto Crime
• PRNewswire: HTX and BitGo Join Forces to Offer Secure Institutional Trading

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