Binance, the largest cryptocurrency exchange by trading volume, understands this need and regularly publishes its Proof of Reserve report. In the latest August 2023 edition of the report, the crypto exchange has revealed the number of digital assets it holds and the ratio of its reserves to customer net balances.
BTC – Bitcoin
Bitcoin is the leading cryptocurrency, and Binance holds a significant amount of it. In the August 2023 report, the reserve ratio for Bitcoin stands at 105.61%. This means that the crypto exchange has more than enough reserves to cover all customer deposits in Bitcoin. The customer net balances for Bitcoin amount to 588,622,989, while the crypto exchange’s net balances reach 621,631,928.
ETH – Ethereum
Ethereum, the second-largest cryptocurrency, also holds a prominent place in Binance’s reserves. The reserve ratio for Ethereum is 102.71%, indicating that the largest crypto exchange has a surplus of Ethereum compared to its customers’ deposits. The customer net balances for Ethereum are 4,068,826,253, whereas its net balances reach 4,179,054,896.
BNB – Binance Coin
BNB is the native cryptocurrency of the exchange and plays a crucial role in its ecosystem. The reserve ratio for BNB stands at an impressive 113.85%, indicating a surplus of BNB in its reserves. The customer net balances for BNB amount to 29,282,440,447, while the crypto exchange’s net balances reach 33,339,317.22.
USDT – Tether
Tether (USDT) is a stablecoin pegged to the US dollar and is widely used in the cryptocurrency market. The crypto exchange holds a significant amount of USDT in its reserves, with a reserve ratio of 117.99%. This means that the crypto exchange has more USDT in its reserves than the total deposits made by its customers. The customer net balances for USDT stand at 15,280,149,773,177, while its net balances reach 18,028,511,181,839.
BUSD – Binance USD
BUSD is another stablecoin offered by Binance, also pegged to the US dollar. The reserve ratio for BUSD is 117.90%, indicating a surplus amount held by the crypto exchange. The customer net balances for BUSD amount to 1,838,334,069,651, while its net balances reach 2,167,374,260,094.
USDC – USD Coin
USD Coin (USDC) is a stablecoin backed by the US dollar and is gaining popularity in the cryptocurrency market. The crypto exchange holds a substantial amount of USDC in its reserves, with a reserve ratio of 101.62%. The customer net balances for USDC stand at 829,610,613,236, while its net balances reach 843,044,142,792.
LTC – Litecoin
Litecoin (LTC) is one of the oldest cryptocurrencies and holds a place in Binance’s reserves. The reserve ratio for LTC is 100.94%, indicating that the crypto exchange has just enough reserves to cover its customers’ deposits. The customer net balances for LTC amount to 6,417,755,433, while Binance’s net balances reach 6,477,909,211.
XRP – Ripple
Ripple (XRP) is a digital payment protocol and cryptocurrency that is widely used in cross-border transactions. Binance holds a significant amount of XRP in its reserves, with a reserve ratio of 103.50%. The customer net balances for XRP stand at 2,711,777,813,604, while its net balances reach 2,806,681,733,985.
LINK – Chainlink
Chainlink, a decentralized oracle network, has a reserve ratio of 103.95% on Binance. Its net balance for LINK is 56,963,125,783, while its customers’ net balances total 54,798,237,068 LINK.
DOGE – Dogecoin
Known for its meme-inspired origins, Dogecoin exhibits a reserve ratio of 100.15% on Binance. Binance holds a net balance of 12,691,528,460,191 DOGE, while its customers’ net balances amount to 12,672,916,031,1 DOGE.
UNI – Uniswap
Uniswap, a decentralized exchange protocol, exhibits a reserve ratio of 101.93% on Binance. Binance holds a net balance of 24,963,485,894 UNI, while its customers’ net balances amount to 24,490,930,91 UNI.
Binance’s August 2023 reserve report provides valuable insights into the exchange’s digital asset holdings and reserve ratios. With reserve ratios exceeding 100% for many supported cryptocurrencies, Binance demonstrates its commitment to ensuring the security and stability of its platform. Users can have confidence in the safety of their funds as Binance continues to uphold transparency and maintain robust reserves. As cryptocurrency enthusiasts, it is essential to stay informed about the reserve reports published by exchanges to make informed decisions when trading and storing digital assets.
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