Our Proof of Reserves 13 Months On: US$14.5bn in Primary Assets and 1m Users Viewing Reserves
A message from OKX Chief Marketing Officer Haider Rafique and Chief Innovation Officer Jason Lau
Today, we published our 13th monthly Proof of Reserves (PoR) report, demonstrating US$14.5 billion in primary assets backing user funds. I'm also pleased to announce that since the launch of our PoR program in late 2022, over one million users have viewed the reserves data or verified that their assets are backed 1:1.
It's also the first time we've added USDC to our Proof of Reserves (PoR) report's "primary asset" figure, highlighting the growing prominence of Circle Internet Financial's (Circle) stablecoin on OKX. On September 7, we jointly announced with Circle the introduction of advanced USDC features on the OKX Wallet and OKX DEX aggregator. These features enable gas-free USDC transactions on OKX Wallet without network fees and integrate our DEX aggregator with Circle's Cross-Chain Transfer Protocol (CCTP).
Close observers of our announcements will notice that every month, we try to bring as much attention to our Proof of Reserves as possible. That's because, in addition to setting technical standards for PoR implementation, we want to get our users in the habit of checking our reserves regularly. We encourage our users to 'don't trust, but verify,' and this million-user milestone is something we're very proud of.
OKX's current reserve ratios are as follows:
BTC: 103%
ETH: 103%
USDT: 102%
USDC: 104%
This is the 13th consecutive month that OKX has maintained a reserve ratio of 100% or higher for each of these assets.
Last month, we celebrated the one-year anniversary of our PoR program and released a video advocating for Proof of Reserves as an industry standard. The video featured myself and other senior executives alongside influential voices such as Nic Carter (Castle Island Ventures), Scott Melker (The Wolf of All Streets), Sandeep Nailwal (Polygon), Jason Yanowitz (Blockworks) and Zak Brown (McLaren F1 Team).
As we look ahead to many more PoR reports to come, we will always be growing the community of voices advocating for Proof of Reserves. At the same time, we will continue to work to increase user awareness of why PoR is so important. Users can view OKX's latest PoR report, reserve ratios and verify solvency here.
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