HTX Announces the Release of Its 2025 Proof of Reserves Annual Report

Key Takeaways

HTX released its 2025 Proof of Reserves annual report on Monday.
The exchange confirmed 100% asset backing for user deposits.
USDT deposits on the platform rose 150% year over year.

HTX confirms full backing in year-end disclosure

Cryptocurrency exchange HTX published its 2025 Proof of Reserves annual report, confirming that all user assets held on the platform are fully backed on a 1:1 basis. The report also highlighted a sharp increase in stablecoin activity, with USDT deposits rising 150% over the past year.

The disclosure comes as proof-of-reserves reporting has become a standard transparency measure for centralized crypto exchanges, particularly in the aftermath of major industry failures that exposed gaps in custody and internal controls. While such reports are not equivalent to full financial audits, they are widely used to demonstrate on-chain asset coverage of customer balances.

Proof of reserves and post-crisis transparency

Proof of Reserves reporting gained prominence following the collapse of several centralized exchanges in 2022, most notably FTX, which revealed extensive misuse of customer funds. In response, exchanges began publishing wallet addresses and cryptographic attestations to show that customer liabilities are matched by on-chain assets.

Most large trading platforms now release periodic reserve snapshots, often using Merkle tree structures that allow users to verify that their balances are included in the total liabilities reported. These disclosures are intended to rebuild trust but remain limited in scope, as they typically do not account for broader liabilities or operational risks.

HTX has published regular reserve disclosures since rebranding from Huobi, positioning proof of reserves as a core part of its transparency framework. The 2025 report represents the exchange’s year-end snapshot and reflects balances held at the time of publication.

Details from the 2025 report

According to the report, HTX maintains reserve ratios at or above 100% across supported digital assets, indicating that customer deposits are fully covered by assets held in exchange-controlled wallets. The exchange stated that these balances are publicly verifiable on-chain.

The most notable data point in the report was the growth in USDT deposits, which increased 150% compared with the previous year. Stablecoins such as USDT are commonly used as base trading pairs and as liquidity instruments, particularly during periods of market uncertainty.

HTX did not disclose additional context behind the increase, such as whether the growth was driven by new users, higher balances from existing customers, or broader shifts in trading behavior. The report also did not include data on trading volumes, revenue, or profitability.

Market and industry implications

The rise in USDT deposits aligns with broader trends across the crypto market, where stablecoins continue to play a central role in trading, remittances, and decentralized finance. Despite ongoing regulatory scrutiny, demand for dollar-pegged tokens has remained resilient, particularly in regions with limited access to traditional banking infrastructure.

From a market perspective, proof-of-reserves announcements rarely result in immediate price or volume reactions unless discrepancies are uncovered. At the time of publication, there was no clear indication that HTX’s report had a measurable impact on crypto markets.

Industry analysts generally caution that while proof of reserves can confirm asset existence, it does not provide insight into an exchange’s full financial condition. Off-balance-sheet liabilities, related-party exposures, and operational risks are typically outside the scope of these disclosures.

Regulatory backdrop and limitations

Regulators in multiple jurisdictions continue to assess whether proof-of-reserves reporting should be formalized or expanded as part of licensing and compliance requirements for crypto exchanges. Some policymakers have argued that reserve attestations should be paired with proof-of-liabilities audits conducted under established accounting standards.

HTX’s report did not signal any changes to its verification methodology or indicate plans to introduce more comprehensive financial disclosures. As with most proof-of-reserves reports, the data represents a snapshot rather than continuous oversight.

What to watch next

HTX is expected to continue publishing regular reserve updates in line with industry practice. Whether exchanges will move toward full, third-party financial audits remains an open question and will likely depend on regulatory developments and market pressure.

For now, proof of reserves remains a baseline transparency tool rather than a substitute for broader financial reporting.

Conclusion

HTX’s 2025 Proof of Reserves annual report confirms full backing of user assets and highlights significant growth in USDT deposits over the past year. While the disclosure reinforces standard transparency practices, it does not materially change the exchange’s risk profile or the wider regulatory and market landscape.