In a recent development, OKX crypto exchange has published its 35th proof of reserves, reinforcing its financial stability by confirming it holds assets totaling $37.7 billion, sufficient to cover all user balances. This report indicates that major cryptocurrencies, including Bitcoin and Ethereum, along with stablecoins, are fully backed.
The exchange reported a user asset tally of 125,083 BTC, reflecting an increase of 4,432 BTC from the previous month. However, the Ethereum balance has seen a decrease of 35,011 ETH, bringing the total to approximately 1.7 million ETH. USDT holdings also experienced a decline, dropping by $248 million to $9.4 billion, marking a 2.56% decrease from the prior month.
OKX assures that its assets are fully accounted for, boasting a reserve ratio of 105% for Bitcoin. This translates to the exchange holding 105 BTC in reserves for every 100 BTC deposited by users. The latest snapshot, dated September 2, showcases these financial metrics. The rise in Bitcoin holdings comes amid broader market trends, increasing OKX’s total user Bitcoin assets to 125,083 BTC, which includes 119,372 BTC managed directly by the exchange and 12,458 BTC held in third-party custody.
Despite the gains in Bitcoin, other major assets have seen slight reductions. Particularly, Ethereum’s reserves show a 2.01% decrease, with a 103% reserve ratio. This means that OKX holds approximately 1.751 million ETH in its wallets. The USDT stablecoin, which experienced the largest monthly drop, maintains a 105% reserve ratio, amounting to 9.9 billion USDT in total assets. Moreover, USDC holdings fell by 1.17% to $1.14 billion while still keeping a 100% reserve ratio.
In terms of reserve ratios across different cryptocurrencies, OKX demonstrates robust risk management, with Bitcoin standing at 105%, Ethereum at 103%, and Solana at 102%. The exchange maintains between $102 and $118 in assets for every $100 deposited by users. Among altcoins, XRP holds a 108% reserve, ETC at 107%, and Dogecoin at 101%.
Regarding asset custody distribution, most of OKX’s holdings are secured directly on the exchange, while a portion is managed via third-party custodians. More than 90% of Bitcoin is stored directly by exchanges, with approximately 10% in third-party custody. Similarly, 6% of Ethereum’s total external assets are managed in a comparable fashion, reflecting the structure of asset management across the platform.
In parallel with its financial measures, OKX recently unveiled a new payment service called OKX Pay at the TOKEN2049 conference. This stablecoin-based, self-custodial payment system is currently operational in Singapore. CEO Star Xu noted that users can leverage QR codes for transactions while earning around 4% APY and cashback between 3% and 4%. This innovative payment system aims to enhance peer-to-peer payments and solidify stablecoins as a leading global payment solution.
Xu emphasized the efficiency of this payment method, pointing out that while domestic card payments are cost-effective, cross-border transactions can incur significant fees. He stated, “Stablecoins are global by design,” highlighting that peer-to-peer transfers maintain security and compliance. The company plans to expand this service to additional markets, including Brazil, Europe, and the United States, with the vision of fostering seamless cross-border transactions in the coming years.
