Binance releases 18th proof of reserve

Bitcoin and Top Cryptocurrency Reserves Growth

Binance, the largest crypto exchange, revealed reserve increments for the top five digital assets by market cap, including Bitcoin, Ethereum, Tether, BNB, and Solana. The proof-of-reserve (PoR) audit showed excess backing of at least 104% for these cryptocurrencies, demonstrating the platform’s strong financial position.

Significant Increase in USDT Holdings

Among the top five cryptocurrencies, USDT experienced the largest increase in holdings, growing by over $1.6 billion month-on-month. This surge brought Tether’s total assets to around $22.8 billion USDT, highlighting the growing demand for stablecoins in the crypto market.

ETH Reserves Decline and Binance’s Operational Changes

While most cryptocurrencies saw an increase in user balances, Ethereum witnessed a 1.9% fall in reserves, indicating a slight decrease in customer holdings. Binance’s recent PoR audit, following changes in leadership with Richard Teng taking over as CEO, showcased the company’s commitment to transparency and operational maturity in the midst of regulatory challenges.

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