$HTX's role is undergoing a fundamental transformation. Moving forward, it should be re-evaluated as a token that connects global assets to the crypto space—a stake in the very gateway through which global capital enters the crypto ecosystem.
Drawing on public financial disclosures, industry data and observable operating indicators, this report assesses the valuation state and risk-reward structure of each layer of the AI value chain, framing its conclusions around cycle position and asymmetry rather than directional price forecasts.
This report was released by HTX Ventures, the global investment arm of HTX. HTX Ventures continuously monitors structural developments in stablecoins, payment infrastructure, and institutional settlement networks, with a particular focus on how revenue distribution, customer ownership, and rule-setting authority evolve alongside technological shifts.
1. Executive Summary Over the past two years, RWA tokenization completed its initial phase of proof of concept. The market…
Q2 was not the end of the crypto cycle. It was a concentrated repricing of global liquidity, institutional allocation logic, and on-chain value capture.
Rather than focusing on the short-term trading volume of RWA perps, this report seeks to clarify the structural thresholds that the sector must cross as it moves from rapid growth toward maturity, and how, in that process, the boundaries between on-chain finance and global capital markets may be redefined.