Blab Crypto
Binance Publishes 44th Proof-of-Reserves Report: Bitcoin Holdings Rise, Stablecoin Balances Decline
On July 1 2026, Binance released its 44th Proof‑of‑Reserves (PoR) audit, reaffirming that every user‑held balance is fully backed by on‑chain reserves. The new snapshot shows the exchange’s core assets remain over‑collateralized: Bitcoin (BTC) balances rose 1.22 % to roughly 640,300 BTC, while Ethereum (ETH) fell 1.40 % and the dominant stablecoin Tether (USDT) slipped 1.51 %. The audit also confirms that Binance’s reserve ratios stay comfortably above 100 % for all listed tokens.
The PoR initiative was born after the FTX collapse in late 2022, when a high‑profile exchange failure exposed serious gaps in custodial risk management. Binance responded by building a cryptographic system that leverages Merkle trees and zero‑knowledge proofs, allowing users to verify that the exchange holds enough assets to cover every liability. The 44th audit continues the monthly cadence of snapshots that Binance publishes on its transparency dashboard.
Reserve ratios for the core assets read: BTC 100.08 %, ETH 100.00 %, USDT 103.49 %, USD‑coin (USDC) 108.67 %, USD‑1 103.03 %, Binance Coin (BNB) 100.83 %, Solana (SOL) 100.00 %, and Ripple (XRP) 101.06 %. These figures illustrate a deliberate buffer designed to honor withdrawal requests even in extreme market stress.
The asset‑level analysis also hints at shifting investor behaviour. Bitcoin’s 1.22 % uptick equates to about 7,700 BTC added to Binance’s custody, suggesting a continued “HODLing” trend amid macro‑economic uncertainty. Conversely, the declines in ETH and USDT imply that traders are reallocating capital away from altcoins and stablecoins toward Bitcoin’s perceived store‑of‑value role.
Beyond the blue‑chip holdings, Binance has expanded its PoR coverage to include a range of mid‑cap tokens. The latest audit lists Arbitrum (ARB), Optimism (OP), Aptos (APT), Polygon’s migrated token (POL), and a mix of governance and niche projects—Pendle (PENDLE), Ethena (ENA), Curve DAO (CRV), Chiliz (CHZ), Trump (TRUMP), RLUSD, Saya (S), Dogwifhat (WIF), and Book of Meme (BOME). The same cryptographic matching process applies to these assets, ensuring that users of less liquid projects receive the same solvency assurance.
While the PoR snapshots paint a clear picture of Binance’s on‑chain holdings, analysts note that they capture only a single point in time. The exchange also offers real‑time Merkle‑tree verification, letting users generate a hash that confirms their individual balances. However, a comprehensive assessment of exchange health would also need to consider off‑chain liabilities, operating costs, and leverage ratios—factors that the PoR does not directly disclose.
Publishing PoR reports positions Binance ahead of evolving regulatory expectations. In the European Union, the Markets in Crypto‑Assets (MiCA) framework—fully applicable since December 2024—emphasizes safe custody and segregation of customer funds. In the United States, the Securities and Exchange Commission has signalled a focus on custodial transparency. By voluntarily maintaining reserve ratios above 100 % across all listed assets, Binance may satisfy or even exceed forthcoming compliance standards, setting an industry benchmark.
In summary, Binance’s 44th PoR audit confirms that the exchange’s custodial reserves remain robust, with all major assets over‑collateralized. The report also highlights a modest shift in user holdings toward Bitcoin and away from Ethereum and stablecoins. Binance’s expanded coverage of mid‑cap tokens and its use of Merkle‑tree and zero‑knowledge proofs reinforce its commitment to transparency. Whether this self‑regulatory approach will become a regulatory requirement remains to be seen, but the audit demonstrates Binance’s ongoing effort to rebuild trust in centralized exchanges after the FTX collapse.
The PoR initiative was born after the FTX collapse in late 2022, when a high‑profile exchange failure exposed serious gaps in custodial risk management. Binance responded by building a cryptographic system that leverages Merkle trees and zero‑knowledge proofs, allowing users to verify that the exchange holds enough assets to cover every liability. The 44th audit continues the monthly cadence of snapshots that Binance publishes on its transparency dashboard.
Reserve ratios for the core assets read: BTC 100.08 %, ETH 100.00 %, USDT 103.49 %, USD‑coin (USDC) 108.67 %, USD‑1 103.03 %, Binance Coin (BNB) 100.83 %, Solana (SOL) 100.00 %, and Ripple (XRP) 101.06 %. These figures illustrate a deliberate buffer designed to honor withdrawal requests even in extreme market stress.
The asset‑level analysis also hints at shifting investor behaviour. Bitcoin’s 1.22 % uptick equates to about 7,700 BTC added to Binance’s custody, suggesting a continued “HODLing” trend amid macro‑economic uncertainty. Conversely, the declines in ETH and USDT imply that traders are reallocating capital away from altcoins and stablecoins toward Bitcoin’s perceived store‑of‑value role.
Beyond the blue‑chip holdings, Binance has expanded its PoR coverage to include a range of mid‑cap tokens. The latest audit lists Arbitrum (ARB), Optimism (OP), Aptos (APT), Polygon’s migrated token (POL), and a mix of governance and niche projects—Pendle (PENDLE), Ethena (ENA), Curve DAO (CRV), Chiliz (CHZ), Trump (TRUMP), RLUSD, Saya (S), Dogwifhat (WIF), and Book of Meme (BOME). The same cryptographic matching process applies to these assets, ensuring that users of less liquid projects receive the same solvency assurance.
While the PoR snapshots paint a clear picture of Binance’s on‑chain holdings, analysts note that they capture only a single point in time. The exchange also offers real‑time Merkle‑tree verification, letting users generate a hash that confirms their individual balances. However, a comprehensive assessment of exchange health would also need to consider off‑chain liabilities, operating costs, and leverage ratios—factors that the PoR does not directly disclose.
Publishing PoR reports positions Binance ahead of evolving regulatory expectations. In the European Union, the Markets in Crypto‑Assets (MiCA) framework—fully applicable since December 2024—emphasizes safe custody and segregation of customer funds. In the United States, the Securities and Exchange Commission has signalled a focus on custodial transparency. By voluntarily maintaining reserve ratios above 100 % across all listed assets, Binance may satisfy or even exceed forthcoming compliance standards, setting an industry benchmark.
In summary, Binance’s 44th PoR audit confirms that the exchange’s custodial reserves remain robust, with all major assets over‑collateralized. The report also highlights a modest shift in user holdings toward Bitcoin and away from Ethereum and stablecoins. Binance’s expanded coverage of mid‑cap tokens and its use of Merkle‑tree and zero‑knowledge proofs reinforce its commitment to transparency. Whether this self‑regulatory approach will become a regulatory requirement remains to be seen, but the audit demonstrates Binance’s ongoing effort to rebuild trust in centralized exchanges after the FTX collapse.
