Digital asset exchange HTX says it has maintained a 100% reserve ratio for all core assets for 38 consecutive months, according to its 2025 Proof of Reserves (PoR) annual report released this week.
The exchange said its reserve data can be verified on-chain using Merkle Tree–based audits, allowing users to independently confirm that customer balances are fully backed by corresponding on-chain assets.
User USDT balances surged in 2025
HTX reported a sharp increase in user-held stablecoins during the year.
According to the PoR report, user USDT balances rose 154% in 2025, climbing from roughly 695 million USDT in January to approximately 1.765 billion USDT by December. The exchange said the increase reflects strong capital inflows and rising user activity on the platform over the period.
Bitcoin holdings, by contrast, remained broadly stable throughout the year, suggesting that most of the growth came from stablecoin deposits rather than directional BTC accumulation.
Expanded PoR coverage and redemption guarantees
As part of its transparency push, HTX expanded its proof-of-reserves scope in 2025 to include additional assets such as USDC and WLFI.
The exchange also emphasized its “100% Redemption” policy, which allows users to withdraw their assets at any time without restriction. HTX maintains a public PoR webpage where users can review reserve ratios and verify their own balances against on-chain data.
Exchange growth amid industry scrutiny
HTX said it ranked first among major centralized exchanges for growth through November 2025, a period marked by heightened scrutiny of exchange reserves and transparency across the crypto industry.
Founded in 2013, HTX operates across multiple jurisdictions and offers spot trading, derivatives, research, and investment services. The company said its ongoing publication of reserve data is intended to reinforce user confidence as proof-of-reserves reporting becomes a baseline expectation rather than a differentiator.
Why this matters
As regulators, users, and institutions demand greater transparency from centralized exchanges, consistent proof-of-reserves reporting is becoming a critical trust signal.
HTX’s claim of 38 months of full backing — alongside rising stablecoin balances and expanded audit coverage — highlights how exchanges are increasingly competing on verifiability, liquidity assurance, and real-time disclosure, rather than just trading volumes or product breadth.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
