Binance has published its latest proof-of-reserves data, confirming that the exchange continues to hold more digital assets than its customers across a majority of supported tokens.
The report, released on 8 May, covers 37 crypto assets and highlights that Binance currently controls 616,886.378 Bitcoin (BTC), compared to customer net assets of 604,886.378 BTC.
This represents a 102.06% backing ratio, or a surplus of around 12,000 BTC.
The findings are part of Binance’s ongoing transparency efforts following the collapse of FTX in 2022.
Proof-of-reserves data is intended to provide reassurance to users that their deposits are fully backed on-chain and can be withdrawn at any time.
USDT and USDC reserves show strong surpluses
The exchange’s Tether (USDT) reserves also exceed user balances.
Binance holds more than 29.6 billion USDT, compared to a customer balance that is roughly 600 million USDT lower, giving a coverage ratio of 102.07%.
USD Coin (USDC) reserves are similarly well-backed.
Binance holds over 8.6 billion USDC, while customer assets amount to 5.6 billion. This equates to a coverage ratio of 152.19%, or a reserve surplus of around 3 billion USDC.
The higher ratio signals an ample liquidity buffer for redemptions in stablecoins.
In addition, Binance’s First Digital USD (FDUSD) holdings amount to 107.84% of customer balances.
That translates to more than 82 million FDUSD held in excess of the platform’s client obligations.
Ethereum, Solana, and XRP reserves remain above parity
Other major tokens also show reserves exceeding customer assets.
Binance currently controls 5,289,954 Ethereum (ETH), surpassing customer net balances by over 8,000 ETH, resulting in a 100.15% coverage ratio.
Solana (SOL) reserves slightly exceed holdings by users, with a surplus of around 2,000 SOL.
Ripple’s XRP also reflects healthy coverage, with Binance holding approximately 2.6 billion XRP versus user balances that are 76 million XRP lower.
This gives a reserve-to-asset ratio of 102.99%.
Among all assets reported, Binance USD (BUSD) shows the highest backing ratio.
With the exchange holding more than double the BUSD customer balances—amounting to 206.04%—the stablecoin stands out despite its limited usage following the shutdown of Binance’s US market in 2023.
Binance US resumes USD transfers after long pause
The report also coincides with the resumption of USD transactions on Binance’s US platform.
Services were reopened in February 2025, marking the first time since June 2023 that USD transfers were permitted.
The pause in services was linked to regulatory action by the US Securities and Exchange Commission, which had forced the platform to suspend support for USD in its American operations.
Binance’s decision to reintroduce USD functionality indicates a shift in its regulatory engagement and comes at a time when centralised exchanges are under pressure to demonstrate financial transparency.
The exchange’s ability to show on-chain asset surpluses across key tokens may help reinforce user trust as global regulators scrutinise reserve practices more closely.
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