Binance has reaffirmed its commitment to transparency and financial stability with the release of its May 2025 Proof of Reserves (PoR) report, showing that major cryptocurrencies and stablecoins held by the exchange remain over 100% backed indicating that Binance holds more assets in reserve than its customers have deposited.
Strong Backing Across Major Crypto Assets
The report, published on May 8, highlights Binance’s on-chain asset reserves across 37 digital currencies, including Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Solana (SOL), and Ripple (XRP). All key assets exceed the 1:1 reserve ratio a metric that helps instill confidence among users that their funds are safe and fully accessible.
Bitcoin (BTC)
- Binance reserves: 616,886 BTC
- Customer net assets: 604,886 BTC
- Reserve ratio: 102.06%
Tether (USDT)
- Reserves: 29.6 billion USDT+
- Surplus: ~600 million USDT
- Reserve ratio: 102.07%
Ethereum (ETH)
- Held by Binance: 5,289,954 ETH
- Surplus over customer assets: 8,000+ ETH
Solana (SOL)
- Surplus: 2,000 SOL
- Reserve ratio: 100.01%
Ripple (XRP)
- Reserves: 2.6 billion XRP
- Surplus over customer assets: 76 million XRP
- Reserve ratio: 102.99%
Surplus Reserves for Stablecoins and Legacy Assets
The report also showed that Binance holds significant surpluses in its stablecoin reserves, further solidifying its claim of being over-collateralized for user deposits.
Binance USD (BUSD) remains the most over-collateralized asset, despite Binance ceasing support for it after shutting down its U.S. operations in 2023.
- Reserve ratio: 206.04%
Binance also holds:
- 8.6 billion USDC, covering 152.19% of customer deposits
- 107.84% backing for First Digital USD (FDUSD), with an 82 million FDUSD surplus
Reassuring Transparency Post-FTX Collapse
Binance introduced the Proof of Reserves mechanism in response to the 2022 collapse of FTX, a once-major crypto exchange that went bankrupt amid insolvency concerns. Since then, Binance has committed to publishing monthly reports to demonstrate its solvency, particularly its ability to cover all user withdrawals—even during periods of high market volatility.
The exchange’s PoR is verified using Merkle Tree cryptography, allowing users to independently verify their balances while ensuring privacy and transparency.
Industry-Wide Adoption of Proof of Reserves
Binance isn’t the only exchange embracing transparency. Rivals like OKX and Kraken have also published similar reports to restore user trust. OKX’s most recent report shows over 100% reserve coverage for 22 cryptocurrencies.
As the industry matures, such regular disclosures are becoming a standard for centralized platforms seeking to attract institutional and retail users alike.
Final Thoughts
Binance’s latest PoR report highlights the platform’s strong financial position, with all major assets backed by reserves exceeding customer deposits. This continued transparency is aimed at building confidence in Binance’s infrastructure and long-term viability, especially amid evolving global regulatory scrutiny and rising user expectations.
