The Digital Assets and Treasury (DAT) strategy has moved from an experiment for public companies seeking balance sheet exposure to a consensus playbook. The Ministry of Digital Assets Treasury is a publicly-owned company that accumulates tokens as financial assets, and is steadily increasing its on-chain stocks using the stock market’s funding power.
In its six-month report, HTX Research breaks down how DAT strategies have become industry standard, how persistent aggregators have bulged, how stublines are the dominant narrative, and more.
Download the H1 2025 report from HTX Research to learn how Dats has become an industry standard, why Stablecoins dominate and more.
Dats 101: How Mnav Flywheel became a corporate crypto benchmark
With the approval of Spot BTC and ETH ETFs and the shift to crypto fair value accounting, it has made it easier for public companies to disclose and manage token exposures. This visibility is the Ministry of Digital Assets Treasury (DATS), which is catalyzed with stock market funding.
The financials of digital assets follow a comprehensive strategy with valuation logic following Net Asset Value (NAV), Token x Token Price per Share. The market-to-NAV ratio (MNAV = Stock Price ÷NAV) measures investors’ payments more than pure asset value.
1.0-1.5 MNAVs usually reflect token values and growth expectations. Persistent Reading > 2.0 means vulnerable enthusiasm. If MNAV <1, new share issuance is subject to dilution risk.
Finally, the Strategic DAT model enhances the uniqueness of the powerful players, indicating that the company is not only focusing on Bitcoin accumulation, but also on optimizing its funding structure. In contrast, middle class and weak financing companies still need to rely on convertibles, pipes and credit facilities with higher leverage levels, making them vulnerable when the market cools.
In particular, the stock performance of the strategy has allowed the market to maintain a high premium over the long term, as it follows an alternative pace. This difference explains why the stock performance of the strategy outperforms Bitcoin itself, allowing us to stay ahead of the highly competitive cryptocurrency market.
Download the H1 2025 report from HTX Research to learn how Dats has become an industry standard, why Stablecoins dominate and more.
Stablecoin Rail Wars: From Theg to Channel Control, Tron protects the moat
Stablecoins settle at high speed, interacting across the chain, and now support payroll, remittances and B2B flows. Recent research highlights why features like fully booked designs, 24/7 settlements and programmable cash draw companies and fintechs into the Doltoken Rail. The policy was pulled in the same direction.
With the signed July 2025 and the stable law passed in April 2025, the US currently has a payment stabilizing basic framework (full re-backbacking, auditing, AML control) to integrate policy green light for banks, card networks and fintech policy green light. Stablecoins graduates from traded goods to plumbing for global payments.
However, the competitive frontier of the Stablecoin infrastructure is no longer throughput or lowest nominal fees. Channel control. In multiple independent datasets, Tron hosts over $8 billion in the supply of USDT, processing far more USDT transfers (counts and values) than Ethereum since H1 2025.
The H1 review of Cryptoquant tallies USDT transfers of 2.3-2.4m per day on Tron, with the average daily USDT transfer value close to 23-25B magnitude above rival chains. Monthly network activity also set a multi-year high, with a 273m transaction in May and an active address in June of 28.7m. According to these indicators, trone It remains the dominant railway.
Tron’s Defi feedback loop strengthens its key position in payments. The Sunswap Dex volume surpassed $300 million per month in 2025 (peaks nearly $3.8 billion in May).
Tron has competitive advantages in this area for the following reasons:
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Low migration costs: With EVM-compatible touring and the early ERC-20 lineage, the USDT migration has made minor migrations for developers and DAPP, capturing a large portion of the Stablecoin Payments market.
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Deep Exchange default: Major platforms like Binance and Kucoin are increasingly prioritizing Trons over deposits/drawers, creating path-dependent flows.
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Emerging Market Fit: Ratum, Africa and sea remittances and payroll support Tron’s low predictable costs.
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Transfer costs near the facility: DPOS with bandwidth/energy staking grants large amounts of flow.
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Adhesive formation moat– OTC desks and hallways are “locked” by fluidity habits rather than by code.
Beyond payments, the Exchange competition has been rebuilt in the face of this Stablecoin expansion. HTX’s new “Verification Station” released in August 2025 curates OTC merchants with a “zero freeze” history. This pairs with Stablecoin Off-Ramps’ zero freezes, 100% refund policy, up to 10,000 USDT. According to Cryptoquant, as of mid-August 2025, YTD spot trading volume on HTX’s new list reached $38 billion, ranking first among the “second tier” exchanges, accounting for 22% of daily new Coin transactions. Binance led by $13.3 billion, followed by Bybit ($35 billion) and MEXC ($3.4 billion).
Download the H1 2025 report from HTX Research to learn how Dats has become an industry standard, why Stablecoins dominate and more.
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