Bybit's 24th PoR Audit Shows 143% USDC Reserve Ratio, 6.09% ETH Growth

Bybit, the world’s second-largest cryptocurrency exchange, has released its 24th proof-of-reserves (PoR) audit report, conducted by Hacken. The report includes snapshots of its reserve ratios of customer assets as of June 19, 2025, demonstrating that all 40 in-scope asset types are backed by over 100% in reserves. This commitment to transparency and solvency verification aligns with industry-leading best practices, ensuring that Bybit's financial health is verifiable rather than assumed.

The latest snapshot reveals key changes in holdings compared to the previous update on May 23, 2025. Notably, all in-scope asset types were covered by over 100% in corresponding reserves, with USDC leading at a 143% reserve ratio. XPR followed with a 137% ratio, up from 106% in the May snapshot, reflecting its growing popularity due to the XPR ETH boost. ETH holdings increased by 6.09% to 646,987 ETH, while BTC holdings rose by 1.67%, indicating ETH’s sustained growth despite BTC remaining the dominant asset for traders.

In the stablecoin landscape, USDe recorded a 22.8% increase in customer holdings since the May snapshot, totaling 545 million USDe at a 105% reserve ratio. USDT holdings fell by 7.44%, or 386 million USDT, with the reserve ratio rising to 104% from 1:1. USDC saw a moderate retreat by 1.72% in customer holdings to 399 million USDC. These figures reflect 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. Bybit’s commitment to fully backing all supported customer assets at dynamic ratios above 1:1 sets an industry-leading reporting framework that is open, verifiable, and up-to-date. The exchange updates its reserve ratios regularly in the form of snapshots and publishes independent audit reports monthly on Bybit Proof of Reserves. Additionally, Bybit demonstrated its dedication to transparency and accountability by publishing an ad hoc audit report days after a major hacking incident in February 2025.

Bybit, founded in 2018, serves a global community of over 70 million users. The exchange is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3.