HTX, a virtual asset exchange, has released Proof of Reserves (PoR) data as of the end of 2025, stating that it maintains a reserve structure that can be redeemed at least 100% for major digital assets. A key feature is the Merkle tree-based on-chain verification method, allowing users to directly verify their balances.
HTX regularly discloses its reserve status for key assets such as Bitcoin, Ethereum, and Tether (USDT), and this data is available to anyone on its official website. The company explained, "User assets are managed so that they can be fully withdrawn at any time."
The market is particularly paying attention to the growing liquidity of stablecoins. According to annual data released by HTX, the platform's USDT holdings have expanded significantly through 2025. While the exact growth rate and absolute size are based on the exchange's own announcements, the industry interprets this as a sign that the criteria for selecting a centralized exchange are shifting from price to withdrawal stability and liquidity.
Strengthening transparency is another notable change. Starting in 2025, HTX expanded the assets subject to reserve disclosure, including some assets experiencing increased user demand, and disclosed its liquidity structure in greater detail. This measure reflects the fact that reserve certification is no longer merely a formal disclosure; it serves as a key indicator of exchange trust.
External market data also captures HTX's growing presence. According to some research, HTX is categorized as one of the exchanges with a growing market share in the global centralized exchange market by 2025. The continued use of the platform and inflow of funds, despite a slowdown in overall market growth, suggests its transparency strategy has been partially effective.
Industry insiders are evaluating this PoR disclosure as signaling a shift in the focus of exchange competition in the virtual asset market from trading volume to reserve structure and verifiability. In particular, the disclosure of on-chain data, accessible to users, is likely to become a key criterion for the reliability of centralized exchanges in the future.
HTX's recent reserve disclosure is being seen as an example of how "full repayment potential" and "verifiable transparency" are becoming essential requirements rather than optional in the virtual asset market.
