The proof of reserves is a key auditing mechanism adopted against the backdrop of increasing transparency requirements in the cryptocurrency exchange industry. Its core objective is to demonstrate to users and regulatory authorities that the reserves held by the platform are sufficient to cover its liabilities to all users on a 1:1 basis. This mechanism generates a 'ratio' by comparing the 'net customer balance' (liabilities) with the 'Binance wallet balance' (assets), which is a core indicator of the platform's solvency and is crucial for maintaining user trust in a highly volatile market.

Data shows that the reserve ratios of all audited assets have reached or exceeded a healthy level of 100%, confirming that at the snapshot time of the data, Binance has sufficient liquidity for these mainstream assets to meet all potential withdrawal demands. The specific ratios are as follows:

BTC Ratio: 102.96%

USDT Ratio: 102.27%

ETH Ratio: 100.67%

BNB Ratio: 111.74%

SOL Ratio: 100.00%

FDUSD Ratio: 109.22%

XRP Ratio: 102.96%

USDC Ratio: 156.12%

Notably, two assets have extremely high reserve ratios: USDC at 156.12% and BNB at 111.74%. The USDC ratio of up to 156.12% indicates that Binance holds more USDC assets than user deposits by over 56%, which may stem from multiple strategic considerations such as using it as core treasury assets, providing deep liquidity for institutional trading, or as operational reserves. As the native token of the Binance ecosystem, the 111.74% excess reserve of BNB is expected and is a necessary condition for the normal operation of its ecosystem.

In contrast to the above high reserve assets are SOL at 100.00% and ETH at 100.67%.

The precise 100% ratio of SOL reflects Binance's extremely efficient capital management strategy on certain assets, ensuring 1:1 coverage while avoiding unnecessary capital stagnation and maximizing capital utilization. The reserve ratio of ETH also shows a similar refined management approach.