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Binance has released its 43rd proof of reserves (PoR) report, using a June 1 snapshot of user asset balances. The update shows reported increases in both Bitcoin and Ethereum holdings, while stablecoin balances declined.
According to the latest PoR update on Binance’s PoR page, user Bitcoin (BTC) holdings rose 4.26% from May 1 to about 630,000 BTC. Binance reported an increase of 25,838 BTC over the period.
User Ethereum (ETH) balances increased faster than BTC, climbing 10.17% to about 4.14 million ETH by June. The report shows an increase of 382,619 ETH from May 1.
On the stablecoin side, Binance reported user USDT holdings of about 34.3 billion USDT, down 1.33% from May 1. The decrease was equal to roughly 460 million USDT.
Binance’s PoR figures reflect balances at a specific point in time. The report does not break down the reasons behind balance changes, which could include deposits, purchases, internal transfers, withdrawals, or other account activity.
A lower USDT balance can be relevant for trading liquidity, since stablecoins are often used as “dry powder.” However, the report alone does not indicate whether liquidity left Binance or shifted into other assets within the platform.
Proof of reserves is designed to show that customer assets are backed on-chain. Binance states the process is intended to prove customer funds are held 1:1 and includes extra reserves. Because the report is based on snapshots, it is not a live balance sheet.
Binance’s PoR approach has also been described as using zero-knowledge proofs to improve verification and privacy. The report continues to be closely watched by traders, particularly after major industry events increased demand for clearer exchange backing data.
The June snapshot indicates users held more BTC and ETH while holding less USDT at the start of June. BTC and ETH remain the two largest non-stablecoin assets in most exchange reserve reports, making their changes a key data point for market participants.
At the same time, PoR has limitations: it shows reported asset backing at a point in time, but it does not fully explain liabilities, off-chain obligations, or user behavior. As a result, the latest Binance report reflects a balance shift rather than a complete picture of exchange health.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
