Despite the recent downturn in prices, Binance, the largest cryptocurrency exchange, has revealed increased reserves for the top five digital assets based on market capitalization. Binance’s proof-of-reserve (PoR) showed that Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and Solana (SOL) have at least 104% backing, indicating an excess reserve for these top digital assets.
“When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our user’s assets 1:1, as well as some reserves.”
Binance PoR audit
According to the largest centralized exchange in the crypto space, Bitcoin balances experienced a 2.28% increase, rising by 12,970 BTC. Users now possess more than 581,758 Bitcoin, valued at over $36 billion, on the platform.
Binance observed an 8% increase in USDT holdings, marking the most substantial rise among the top five cryptocurrencies. Tether assets surged by over $1.6 billion month-on-month, reaching approximately $22.8 billion USDT at the time of reporting. Meanwhile, BNB and Solana experienced upticks of 3.7% and 2.7%, respectively, as users added to their existing holdings. The reserves for BNB and SOL were reported as 40 million and 31 million, respectively.
Among the top five tokens, Ethereum was the sole cryptocurrency to witness a decline in user balances. Binance’s proof of reserve (PoR) indicated a 1.9% decrease in ETH reserves, equating to around 87,796 Ether. As of the latest data, net customer Ethereum holdings stood at 4.3 million ETH coins.
Binance’s report on May 7 marked the first proof of reserve audit published since the departure of former CEO Changpeng Zhao, who faced legal issues with the U.S. Department of Justice. Following Zhao’s tenure, Richard Teng assumed the role of CEO, highlighting a “greater maturity” in the company’s operational strategies.
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