Digital Asset Treasuries (DATs) have evolved from experimental strategies to become a mainstream approach adopted by public companies seeking exposure through their balance sheets.
These listed companies accumulate cryptocurrencies as part of their treasury, leveraging stock market financing to enhance their on-chain holdings steadily and strategically.
A recent mid-year HTX report analyses the widespread establishment of the DAT strategy across the industry, the growth of perpetual aggregators, and the continued dominance of stablecoins as a critical narrative.
The report explores the transition triggered by the approval of spot Bitcoin and Ethereum ETFs and the adoption of fair-value accounting, making token exposure management more transparent and accessible for public companies.
The fundamental valuation in DATs tracks Net Asset Value (NAV) calculated from tokens per share multiplied by token prices. Market-to-NAV (mNAV) ratio measures investor premiums, with typical ranges between 1.0 and 1.5 reflecting standard expectations, while values over 2.0 represent heightened investor enthusiasm that may be unstable.
Robust DAT strategies also focus on optimizing financing structures, reducing reliance on credit facilities and convertible notes as seen in mid-tier companies, thereby minimizing vulnerability during market downturns.
Stablecoins have fundamentally transformed payment rails by enabling fast settlement, interoperability, and supporting diverse use cases such as payroll, remittances, and B2B transactions.
Government policies, including the GENIUS Act and Stable Act in the US, provide a federal regulatory framework for payment stablecoins, emphasizing full reserve backing, audits, and anti-money laundering compliance.
The competitive landscape for stablecoins now hinges on controlling payment channels rather than solely offering high throughput or low fees. TRON leads this front, hosting over $80 billion in USDT supply and processing significantly more transfers by count and value than Ethereum in early 2025.
DeFi activity on TRON strengthens this position, with decentralized exchange volumes consistently surpassing $3 billion monthly and growing lending demand fostering stablecoin circulation and on-chain liquidity.
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Low migration costs: Compatibility with EVM tooling eased USDT migration, capturing major developer and dApp adoption in stablecoin payments.
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Deep exchange integration: Top exchanges prioritize TRON for deposits and withdrawals, reinforcing liquidity flows tied to their infrastructure.
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Emerging market suitability: TRON’s predictable low fees make it an ideal choice for remittances and payroll in regions like Latin America, Africa, and Southeast Asia.
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Near-zero institutional transfer costs: Delegated Proof of Stake (DPoS) model with bandwidth and energy staking incentivizes large transaction volumes efficiently.
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Strong network effects: OTC desks and payment corridors are embedded into liquidity patterns, creating stickiness beyond technical protocols.
Amid stablecoin expansion, competitive dynamics among exchanges have shifted, with HTX introducing “Verified Station”—a platform highlighting OTC merchants with zero-freeze histories and providing a reimbursement policy for stablecoin off-ramps.
HTX’s mid-2025 statistics show robust spot trading volumes for new listings, ranking it first among secondary exchanges, while major platforms like Binance, Bybit, and MEXC maintain top trading volumes.
The developments underscore a maturing digital asset ecosystem where institutional custody, regulatory clarity, and innovative stablecoin infrastructure collectively drive a new era for corporate cryptocurrencies and global payments.
