Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has published the latest proof-of-reserves (PoR) audit report by Hacken, along with snapshots of its reserve ratios of customer assets as of June 19, 2025, backing all 40 in-scope asset types with over 100% in reserves.
In line with industry-leading best practices in PoR transparency, Bybit makes its solvency verifiable—rather than assumed—through regular updates. The latest snapshot also provides insights into key changes in holdings compared to the previous update on May 23, 2025:
- Exceeding the norm of 1:1 backing: All in-scope asset types were covered by over 100% in corresponding reserves, with USDC at the highest ratio of 143%. This is followed by XRP at 137%, up from 106% in the May snapshot, echoing its popularity thanks to the XRP ETF boost.
- ETH outpaces BTC in growth rates: Holdings of ETH increased by 6.09% to 646,987 ETH, with BTC holdings increasing by 1.67%. This coincides with ETH’s sustained growth in recent weeks, although BTC remains the dominant asset for traders.
- Stablecoin landscape: USDe recorded a 22.8% increase in customer holding since the May snapshot, totaling 545 million USDe at a comfortable 105% reserve ratio. USDT holdings fell by 7.44%, or 386 million USDT, while the reserve ratio rose to 104% from 1:1. USDC also saw a moderate retreat by 1.72% in customer holdings to 399 million USDC.
The latest update reflects a healthy mix of customer holdings at Bybit and a baseline of at least 100% in reserve assets.
Since 2024, the crypto industry has made significant strides in PoR adoption and standardization. The push for PoR has become more institutionalized, with leading CEXs setting the standard for critical trust-building mechanisms. Fully backing all supported customer assets at dynamic ratios above 1:1, Bybit commits to an industry-leading reporting framework that is open, verifiable, and up-to-date.
The latest Bybit reserve ratio is updated from time to time in the form of snapshots, and independent audit reports are published monthly on Bybit Proof of Reserves. The exchange also goes the extra mile to champion transparency and accountability, having published an ad hoc audit report days after a major hacking incident in February, 2025.
#Bybit / #TheCryptoArk / #ProofofReserves
