USDT and BTC Holdings Decline in OKX’s Latest Proof of Reserves Report
OKX's 32nd proof-of-reserves report, released on June 30, 2025, reveals a significant decline in user holdings of Bitcoin (BTC) and Tether (USDT). Despite the drop, the exchange maintains reserves exceeding 100% for all major assets, with Ethereum Classic (ETC) leading at a 107% reserve ratio. Bitcoin reserves stand at 105%, even after a 3.48% decrease in customer-held BTC—amounting to 4,360 BTC or approximately $470 million at current prices. USDT holdings also saw a reduction, though the exact figures were not fully disclosed. This report underscores OKX's commitment to transparency while highlighting shifting user asset allocations in the crypto market.
OKX's 32nd Proof of Reserves Shows Decline in BTC and USDT Holdings
OKX released its 32nd proof-of-reserves report on June 30, revealing a notable drop in user holdings for Bitcoin (BTC) and Tether (USDT). The exchange maintains reserves exceeding 100% for all major assets, with ethereum Classic (ETC) leading at a 107% reserve ratio. Bitcoin reserves stand at 105%, despite a 3.48% decline in customer-held BTC—equivalent to 4,360 BTC or roughly $470 million at current prices.
USDT holdings also fell by 1.44%, translating to a $126.4 million reduction. The report underscores OKX's solvency but signals shifting user behavior amid broader market trends. Reserve ratios for ETH, SOL, and other assets remain robust, reflecting the platform's liquidity safeguards.
Bybit Publishes 24th Proof-of-Reserves Report with Overcollateralization Across 40 Assets
Bybit has reinforced its commitment to transparency with the release of its 24th consecutive proof-of-reserves audit. The Dubai-based exchange, now ranked second globally by trading volume, maintains reserve ratios exceeding 100% for all 40 supported assets as of June 19, 2025. Hacken's independent verification confirms this solvency benchmark.
Notable movements include USDC reserves reaching 143% coverage—the highest among major assets—while XRP reserves surged to 137% following ETF-related demand. Ethereum holdings grew 6.09% to 646,987 ETH, outpacing Bitcoin's 1.67% increase, reflecting shifting trader preferences amidst ETH's recent market performance.
The stablecoin landscape shows divergence: USDe positions expanded 22.8% to 545 million tokens at 105% reserves, whereas USDT balances declined 7.44% despite improved coverage to 104%. These metrics arrive as institutional investors increasingly prioritize verifiable asset backing over mere compliance claims.
Stablecoin Market Surges to $260 Billion as Digital Dollar Adoption Accelerates
Stablecoins have cemented their role in the digital economy, with the total market capitalization now exceeding $260 billion—a staggering rise from just $5 billion in 2019. These dollar-pegged tokens are no longer confined to crypto trading; they’re reshaping global payments, handling over $35 trillion in on-chain transactions in 2024 alone, surpassing Visa’s annual volume.
The appeal lies in their hybrid nature: the stability of fiat currencies combined with the speed and efficiency of blockchain technology. Users in emerging markets, particularly Asia, increasingly rely on stablecoins for remittances, sidestepping high fees and local currency volatility. Transactions settle in minutes at minimal cost, a stark contrast to traditional payment delays.
Despite past failures like TerraUSD’s collapse, leading stablecoins such as Tether and Circle’s USDC have maintained their pegs through rigorous reserve backing—typically cash or short-term U.S. Treasuries. Regulatory scrutiny continues as policymakers weigh innovation against financial stability concerns.
