Bybit Reports $19.6 Billion in Covered Assets Across 50 Tokens
The exchange’s 40th disclosure added 10 tokens and showed reserve coverage above 100% for every asset in scope.
Bybit’s 40th proof-of-reserves disclosure values covered mainstream assets at $19.6 billion, up from $18.1 billion in August.
The disclosure covers 50 tokens, including 10 additions: SUI, PUMP, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU and ZRO.
Reserve coverage exceeded 100% for every asset in scope. The review examined balances recorded at 03:00 UTC on Sept. 23, equivalent to 11 p.m. ET on Sept. 22, and included more than 65 million liability holders.
Bitcoin (BTC) reserves totaled 58,721 BTC against 56,131 BTC in user assets, producing a 104% reserve ratio. Ether (ETH) reserves stood at 570,018 ETH against 551,868 ETH in user assets, for a 103% ratio.
Tether (USDT) reserves were approximately 3.96 billion USDT against about 3.59 billion USDT in user assets, resulting in 110% coverage. USD Coin (USDC) reserves were approximately 748.3 million USDC against 334.8 million USDC in user assets, producing a 223% ratio.
The verification included tests of wallet control through outgoing transactions, along with checks of liabilities data, Merkle-tree calculations and user-balance reconciliation. The findings indicated that the liabilities report accurately represented the underlying client balances, while the review applied only to the assets and balances within its defined scope.
Proof-of-reserves disclosures compare an exchange’s identified wallet holdings with customer liabilities for the assets included in a specific review. They do not establish coverage for assets or balances outside that defined list and snapshot.
