Approximately $40 billion of USDT circulate on-chain on TRON (data updated as of June 30, 2023, compare with the official data on Tether Transparency) and the cumulative volumes related to new listings on HTX have reached approximately $38 billion in the first half of 2023 (data to be verified, source: HTX Research H1 2023): a dual force that contributes to reshaping the flows between stablecoin payments and exchange markets.
In this context, the framework outlined by the HTX Research H1 2023 report and supported by on-chain data indicates a structural convergence with effects on costs, liquidity, and settlement speed.
It should be noted that the combination of stable supply and deep markets creates a more predictable operating environment for institutional players.
According to the data collected by our on-chain analysis team between January 1 and June 30, 2023, the portion of USDT transfers routed on TRON has maintained a significant share of daily on-chain flows, confirming the intensive use for payment and settlement cases.
Industry analysts also note that rapid listings and the presence of market makers on exchanges like HTX have facilitated the conversion of these flows into tradable liquidity in the early stages of price discovery.
Key Numbers H1 2023
- TRON: approximately $40 billion of USDT in circulation on the network (sources: TRONSCAN and Tether Transparency), representing a significant share of the global supply. That said, the relative weight on TRON remains a key indicator to understand where the use of stablecoins is concentrated.
- Flows on TRON: estimated daily volumes around $7 billion during the considered period (data to be verified, source: HTX Research H1 2023). Indeed, the level of transfers remains consistent with intensive use for payments and settlements.
- HTX: approximately $38 billion in cumulative spot volumes on newly listed tokens, with 22% of daily trading concentrated on new-coin (data to be verified, source: HTX Research H1 2023). However, this figure should also be interpreted as a sign of interest in the initial phase of price discovery.
Chart | Quota and volumes: the “double channel” in H1 2023
Bar: USDT on TRON ~40B; New-coin HTX volumes ~38B; Daily volumes TRON ~7B. Indicative data H1 2023, sources HTX Research and Tether/TronScan. USDT on TRON New-coin HTX Daily volumes TRON $40B $38B $7B/d
Indicative data H1 2023. The relative heights are illustrative. Transparency: sources and methodology available in the cited reports.
TRON: approximately $40B of USDT — impact on global payments
Reduced fees, high throughput, and extensive integrations with major exchanges have made TRON the preferred corridor for cross-border stablecoin transfers, especially in emerging markets.
In this scenario, the attractiveness stems from the balance between cost and reliability, decisive factors for everyday use cases.
Growth is not just quantitative. The experimental adoption of on-chain treasury mechanisms — like the DAT model — aims to improve resilience, risk management, and flow stability by integrating cash management logic with native network tools.
It should be noted that these processes also affect the predictability of payments for remittance operators, PSPs, and trading platforms.
HTX: $38B in listings H1 2023 — where liquidity is concentrated
HTX has accelerated listing times and the depth of the book on new assets. The result is a price discovery channel that, from the very first hours of trading, absorbs significant volumes, fueling the so-called double dynamic: while payments in stablecoins move capital, exchanges transform these flows into tradable liquidity.
However, the quality of execution remains a function of spread, latency, and robustness of market infrastructures.
- Liquidity: greater availability on core and alt pairs, with tighter spreads during peak phases. In fact, the presence of active market makers compresses friction at crucial moments.
- Ranking: a growing position in international benchmarks for volumes and depth (data to be verified, source: HTX Research H1 2023; comparison with dataset from Kaiko and Coin Metrics pending approval). That said, cross-exchange comparisons require homogeneous metrics.
What is the DAT (Digital Asset Treasury) model and how does it work
The DAT represents a digital treasury approach that combines traditional financial policies and on-chain tools.
The goal is to make asset usage more efficient, stabilize the token price, and optimize liquidity and risk. In this context, the transparency of rules helps coordinate actors and incentives.
- Allocation: a portion of the treasury is held in stablecoins and liquid assets to cover operational expenses and unforeseen events.
- Yield: uncommitted shares can be staked or deposited in risk-controlled protocols.
- Stabilization: on-chain rules (buyback, vesting, circuit breakers) are designed to mitigate volatility and market stress.
Simplified example: a $100 million treasury allocates 60% in liquid stablecoins for payments, 30% in moderate-yield instruments to cover costs, and the remaining 10% in a buffer reserve for adverse events.
The applied policies are public and verifiable on-chain. Yet, operational discipline remains essential to maintain consistency with the mandates.
The dual-channel push: payments vs exchange
The “dual momentum” creates a positive feedback loop: stable and low-cost payment channels attract volumes, while exchanges transform these volumes into liquidity and better price efficiency.
The resulting optimized execution brings new flows into payments, helping to consolidate a robust infrastructure for projects with solid fundamentals. In this framework, circularity becomes a competitive element.
Independent analyses, such as those by Kaiko and Coin Metrics, highlight how the concentration of flows on low-cost networks incentivizes the use of stablecoins, while raising challenges in terms of resilience and compliance in the event of regulatory or technical shocks. That said, the diversification of channels remains an open issue.
DeFi and legacy chain: who’s making a comeback
In 2023, there is a resurgence of “legacy” projects in the Ethereum ecosystem, driven by scalability improvements and advancements in security metrics.
The DeFi benefits from broader liquidity channels and expanding on-chain services, while there is renewed interest in custody solutions and proof of reserves. Indeed, the combination of lower costs and greater reliability fosters new adoption cycles.
- Perpetual DEX aggregation: new models are emerging to reduce slippage and improve coverage.
- Custody and reserves: the aim is for greater transparency and closer alignment with compliance requirements.
Risks, Unresolved Issues, and Controversial Angles
- Concentration: a high share of USDT on a single network can increase systemic risk in the event of congestion or outages.
- Dependency: the ecosystem remains heavily reliant on centralized stablecoin providers; potential regulatory interventions could impact liquidity and create operational frictions.
- Quality of volumes: the volumes recorded for new listings must be analyzed by distinguishing between organic flows and incentivization or market making activities.
Operational Implications for Businesses and Investors
The “double dynamic” highlights the need for an integrated strategy that combines a solid digital treasury with a targeted presence on exchanges.
The most prepared organizations adopt clear policies, maintain solid reserves, and implement auditable risk management procedures. In this sense, consistency between internal processes and on-chain infrastructure becomes a practical advantage.
- Evaluate the adoption of a DAT framework with defined risk mandates and limits subject to periodic audits.
- Carefully monitor stablecoin payments to contain transactional costs and reduce settlement times.
- Select trading venues characterized by deep liquidity and high transparency on listings and market controls.
Conclusions
In the first half of 2023, the combination of high-efficiency stablecoin payments on TRON and the liquidity generated by new listings on HTX has created an integrated dynamic that supports the recovery of the crypto market.
The competitive advantage today arises from the meeting between on-chain infrastructure and a solid digital treasury, key elements for transparent governance and optimized management of liquidity and risk. Yet, the balance between expansion and control remains central to ensuring resilience in the medium term.