Bybit releases 40th proof-of-reserves report, user holdings rise

Bybit: Bybit is a Dubai-based cryptocurrency exchange and financial platform that provides spot trading, derivatives, options, and TradFi instruments to users across more than 180 countries and regions. It emphasizes security and transparency through regular third-party audited proof-of-reserves reports using Merkle tree verification. In this news, Bybit issued its 40th such report on user asset holdings as of September 23, expanding coverage to additional tokens while confirming full reserves for in-scope assets including BTC, ETH, USDT, and USDe. Transparency: Bybit's proof-of-reserves process relies on independent audits by Hacken to verify that on-chain reserves meet or exceed user liabilities across dozens of assets via Merkle tree methodology. Platform Evolution: Bybit continues positioning itself as a comprehensive financial platform by integrating crypto and traditional markets while maintaining routine disclosures on reserve coverage. Stablecoin Strategy: Ethena has recently expanded USDe's yield-generating backing to include tokenized U.S. equities hedged through equity perpetual futures on Binance, diversifying beyond crypto funding rates.