Binance has updated its Proof of Reserves (PoR) report, providing fresh figures on user asset balances and reserve coverage across Bitcoin, Ethereum, XRP, stablecoins and a broad range of altcoins. The exchange maintains that customer assets are backed at a 1:1 ratio, with reported reserve ratios exceeding 100% for several major cryptocurrencies and stablecoins.
According to the latest figures, Binance's reserve ratio stands at 100.35% for Bitcoin (BTC), 100.00% for Ethereum (ETH), 103.88% for Tether (USDT), 100.47% for BNB, 100.00% for Solana (SOL), 108.26% for USD Coin (USDC), 100.77% for XRP and 101.11% for USD1.
The figures indicate that reported reserves cover the corresponding user balances for these assets. However, reserve ratios vary across cryptocurrencies, reflecting differences in the reported quantities held by the exchange relative to customer liabilities for each asset.
Bitcoin remains a significant component of customer holdings on the platform. The latest report puts user BTC balances at approximately 691,003 BTC, representing an increase compared with the previous report. This rise indicates that the amount of Bitcoin held in Binance customer accounts has grown, although the figures alone do not establish whether the change resulted from new deposits, transfers between platforms or other account activity.
Ethereum balances moved in the opposite direction, declining to approximately 33.7 million ETH. The decrease points to a reduction in reported customer ETH holdings relative to the previous update, but the reserve data alone does not establish the reasons behind the change or indicate whether it reflects a broader shift in investor sentiment.
USDT holdings recorded a modest increase, reaching approximately $33.27 billion. Given the stablecoin's role in cryptocurrency trading and transfers, changes in exchange-held USDT balances can provide useful information about the distribution of customer assets. Nevertheless, an increase in exchange balances should not automatically be interpreted as evidence of fresh buying pressure or an imminent rise in cryptocurrency prices.
The report also covers a wide selection of other assets, including BNB, Solana, USDC, XRP, Worldcoin (WLD), Polkadot (DOT), Arbitrum (ARB), Optimism (OP), Aptos (APT), Pendle (PENDLE), Curve (CRV), The Graph (GRT), and numerous additional tokens and stablecoins.
For market participants, the principal significance of Proof of Reserves reporting lies in transparency around exchange-held assets and their stated coverage of customer balances. Ratios above 100% indicate that reported reserves exceed the corresponding customer balances for the assets measured. However, these figures should not be treated as a complete assessment of an exchange's financial condition, since reserve ratios alone do not establish the full extent of liabilities, the quality of other assets or the exchange's overall financial position.
The next point of interest will be how customer balances evolve in subsequent reports, particularly across Bitcoin, Ethereum and major stablecoins. Continued increases or declines could help identify changes in the distribution of assets held on the exchange, although establishing the underlying causes would require additional information beyond the reserve figures themselves.
