The proof of reserves (PoR) released by Binance this morning shows that the reserve ratios of major assets are all above 100%

Reserve Ratio of 32,505,802,694 is 102.13% (holding 606,000 units)

Reserve Ratio of 77,650,834,019 is 101.52% (2.927 billion units)

Reserve Ratio of 75,799,039,796/76,692,768,590 is 100% (5.337 million ETH)

BNB Reserve Ratio is 111.74% (44.536 million units)

The most unexpected is the reserve ratio of 69,735,581,241 which is as high as 153.01%—far exceeding other stablecoins.

This may reflect a surge in institutional demand: USDC has recently become the preferred choice for traditional capital entry due to its compliance and transparency (fully reserved + anchored to U.S. Treasury).

Arbitrage opportunities driving high reserve ratios may suggest that Binance is using USDC for on-chain-off-chain interest rate arbitrage (such as the difference between U.S. Treasury yields and on-chain borrowing rates).

Liquidity management strategy: Excess reserves may be used to cope with extreme redemptions, avoiding a repeat of the Silicon Valley Bank incident (in 2023, USDC de-pegged to $0.9 due to banking risks).