Bybit releases its 24th Proof-of-Reserves report to reinforce trust and transparency
In line with industry-leading best practices in PoR transparency, Bybit makes its solvency verifiable—rather than assumed—through regular updates. The latest snapshot also provides insights into key changes in holdings compared to the previous update on May 23, 2025:
Exceeding the norm of 1:1 backing: All in-scope asset types were covered by over 100% in corresponding reserves, with USDC at the highest ratio of 143%. This is followed by XRP at 137%, up from 106% in the May snapshot, echoing its popularity thanks to the XRP ETF boost.
ETH outpaces BTC in growth rates: Holdings of ETH increased by 6.09% to 646,987 ETH, with BTC holdings increasing by 1.67%. This coincides with ETH's sustained growth in recent weeks, although BTC remains the dominant asset for traders.
Stablecoin landscape: USDe recorded a 22.8% increase in customer holding since the May snapshot, totaling 545 million USDe at a comfortable 105% reserve ratio. USDT holdings fell by 7.44%, or 386 million USDT, while the reserve ratio rose to 104% from 1:1. USDC also saw a moderate retreat by 1.72% in customer holdings to 399 million USDC.
The latest update reflects 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. The push for PoR has become more institutionalized, with leading CEXs setting the standard for critical trust-building mechanisms. Fully backing all supported customer assets at dynamic ratios above 1:1, Bybit commits to an industry-leading reporting framework that is open, verifiable, and up-to-date.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
4 hours ago
- The National
Trump says US will pay no tariffs to Indonesia as part of trade deal
President Donald Trump on Tuesday said the US will not pay tariffs to Indonesia as part of a trade deal negotiated with the South-East Asian country. The announcement follows a letter Mr Trump sent to Indonesia last week, in which he threatened to impose a 32 per cent charge on Indonesian goods. In the letter, he said the tariff would be implemented by August 1 unless a deal was reached. 'We will pay no tariffs, so they are giving us access into Indonesia which we've never had. That's probably the biggest part of the deal. And the other part is, they are going to pay 19 per cent and we are going to pay nothing,' Mr Trump told reporters at the White House. Mr Trump also said Indonesia would purchase 50 Boeing jets, as well as $4.5 billion in agricultural products and $15 billion in US energy as part of the deal. Mr Trump has framed his so-called reciprocal tariff policy as a means to reduce deficits the US has with its trading partners. According to the Office of the US Trade Representative, the US had a goods trade deficit of $17.9 billion with Indonesia last year, a 5.4 per cent increase from 2023. US exports to Indonesia increased 3.7 per cent to $10.2 billion last year, while imports rose 4.8 per cent. The letters represented the latest chapter in Mr Trump's efforts to reformat US trade since resuming office earlier this year. In April, he announced a blanket 10 per cent tariff on almost all trading partners while imposing harsher tariffs on other countries with which the US has a trade deficit. He reversed course a week later following a bond market rout, instituting a 90-day deadline that expired last week. The White House announced few deals within that time – with the UK and Vietnam – while also securing a 'trade truce' with China, which has a separate deadline. Among the countries hit with trade letters last week were Canada, Japan, Iraq and more than a dozen others, with tariff rates ranging from 20 to 50 per cent.
The National
5 hours ago
- The National
White House AI chief says Biden hurt Gulf AI ambitions
The White House cryptocurrency and artificial intelligence adviser has blamed the Biden administration for stifling Middle East technology ambitions, particularly in the AI space. David Sacks made the comments on Tuesday during a round-table discussion at the Pennsylvania Energy and AI Summit, which President Donald Trump is scheduled to attend. He said former president Joe Biden's push to increase export controls that limited access to processing units deemed critical to pro-AI countries such as the UAE that are seeking to be leaders in the sector. Those export controls sought to prevent countries such as China from taking the lead in the AI arena but other nations, many of them US allies, were disproportionately affected by the policies. 'We already have hostile relations with a country on one side of the Persian Gulf,' Mr Sacks said, referring to Iran. 'Do we have to alienate everybody?' Alleviating some of these concerns, however, was Mr Trump's announcement in May during a visit to the UAE of a partnership in the form of a new 5-gigawatt UAE-US AI campus. Proponents of the deal highlighted security guarantees that would prevent the misuse of US technology, CPUs and GPUs. 'I know that our Gulf state partners will honour our security agreement,' Mr Sacks said. He added that stories of chip smuggling to other countries were overblown and oversimplified. 'The stories give people the impression that the chips are like diamonds in a briefcase that can be smuggled,' he explained. 'They're not, they're mainframe computers, it's not easy.' Mr Sacks added that inspectors can easily keep track of servers at data centres to ensure that US technology is accounted for. He also accused the Biden administration of placing too many burdens on US tech companies with the executive order that sought to put guardrails on AI development by emphasising data privacy and labour protection. Mr Sacks pointed out that in the days after inauguration, Mr Trump rescinded Mr Biden's executive order. Ahead of the conference, Nvidia, which has been a vocal critic of export control policies under the Biden administration, announced that following meetings with Mr Trump and other US officials, the company would soon be able to sell its Nvidia H20 GPU in China again. 'Nvidia hopes to start deliveries soon,' the company said. Also taking part in the summit was Khaldoon Al Mubarak, managing director and chief executive of UAE-based Mubadala Investment Company, who highlighted Mubadala's push to have an AI member as a consultant on its investment committee. 'The AI co-pilot that sits with us in the committee with all the board members, and all the investment committee members, obviously get to interact directly agent,' he said. Mr Al Mubarak said the UAE's economic history – from the rise and fall of the pearl industry that preceded a boom in oil and natural gas that helped propel the country to unprecedented prosperity – serves as a compass as it navigates its AI ambitions. 'At some point, this [oil and gas] was going to be disrupted, and I think that was the wise approach that our leadership and my government took,' he said, pointing out the UAE's push over the last decade to invest in AI. Mr Al Mubarak highlighted the creation of the UAE's Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) – where he currently serves as chairman of the board of trustees – in 2019 as proof the country was ahead of the curve in identifying AI as an economic game-changer.
Khaleej Times
6 hours ago
- Khaleej Times
Will gold's bull run continue after 26% surge in first half?
Gold surged 26 per cent in the first half of 2025, outperforming all major asset classes and recording 26 new all-time highs in dollar terms. Fuelled by a weaker dollar, stable interest rates, and intensifying geopolitical tensions, the precious metal reaffirmed its status as a safe-haven asset amid rising global uncertainty. According to the World Gold Council's mid-year outlook, gold's rally in the first half was supported by an exceptional mix of macroeconomic conditions: softening US Treasury yields, expectations of monetary easing, and the worst start for the US dollar since 1973. In tandem, investors sought refuge in gold as trade frictions, inflationary pressures, and global market volatility persisted. Global gold exchange-traded funds (ETFs) saw a sharp resurgence, with total holdings rising by 397 tonnes — equivalent to $38 billion — bringing total assets under management to $383 billion, a 41 per cent increase. Average daily gold trading volumes also hit a record $329 billion, reflecting robust participation from institutional and retail investors across over-the-counter (OTC), futures, and ETF markets. Central banks continued their strategic gold purchases, albeit below the record-setting levels of 2022 and 2023. Their sustained accumulation — a hedge against currency volatility and economic instability — reflects a broader shift away from dollar-dominated reserves. The WGC's Gold Return Attribution Model has identified three primary drivers behind the first-half rally: First, opportunity cost (7 per cent of gold's return): Gold became more attractive relative to the weakening dollar and subdued bond yields, which offered little incentive to hold fixed-income assets. Second, risk and uncertainty (4 per cent): Rising geopolitical tensions — particularly around US-China relations and tariff threats — as well as broader economic fragility drove safe-haven flows. Third, momentum (5 per cent): Positive ETF inflows and trading activity created a feedback loop, amplifying gold's upward trajectory. The WGC analysts, looking to the second half of 2025, predicts that the gold market faces a pivotal juncture. Under current consensus expectations, gold is likely to remain rangebound, with potential upside of 0 to 5 per cent, which would translate into a full-year return of 25 to 30 per cent. 'Gold appears to have priced in much of the current macro landscape,' the report notes. 'But the path ahead depends heavily on how economic conditions evolve, particularly in the face of persistent inflation and trade-related uncertainties.' Inflation is expected to pick up in H2 due to global tariff increases, with US CPI forecast to reach 2.9 per cent. Central banks, particularly the US Federal Reserve, are anticipated to begin a cautious easing cycle in the final quarter, with a 50-basis-point rate cut priced in. These factors could help sustain investor interest in gold. However, rising prices may weigh on consumer demand and spur more recycling, potentially capping further upside. While institutional and central bank appetite is likely to stay firm, ETF and futures positions are not yet overstretched — suggesting room for renewed buying should risk sentiment sour. WGC's bullish case envisions deteriorating economic and financial conditions, such as stagflation or a full-blown recession. In this scenario, gold could rise another 10 to 15 per cent in the second half, ending the year nearly 40 per cent higher. 'Such an environment would likely spur further flight-to-safety flows, higher ETF inflows, and accelerated central bank diversification away from the US dollar,' the report says. Gold ETFs, for instance, have accumulated just over 500 tonnes in the past year — significantly below the 700 to 1,100 tonnes amassed during past bull cycles. COMEX net long positions remain below historical peaks, reinforcing the notion that the market is not yet overbought. Conversely, a more optimistic geopolitical and economic outcome — though seen as less probable — could pressure gold. A resolution of key trade disputes, stronger global growth, and rising yields would curb demand for safe-haven assets. Under this scenario, gold could give back 12 to 17 per cent of its H1 gains, ending the year with modest single-digit returns. Higher Treasury yields and a rebounding dollar would elevate the opportunity cost of holding gold, triggering ETF outflows and reducing central bank buying. Still, any downside may be cushioned by renewed consumer interest at lower prices and a pullback in recycling. Yellow metal analysts argue that as the global macro and geopolitical landscape continues to evolve, gold remains uniquely positioned to serve as both a tactical and strategic asset. Its strong first-half showing underscores investor demand for portfolio protection and diversification amid heightened uncertainty. Ultimately, they contend that as central banks adjust policies and geopolitical dynamics unfold, gold's fundamentals — supported by broad institutional interest, resilient central bank demand, and constrained supply — remain solid. Whether consolidating or surging anew, gold continues to prove its worth in a rapidly shifting global order, they noted. While consensus forecasts suggest a stable but modestly positive outlook for the rest of 2025, any deviation from these expectations — particularly toward stagflation or geopolitical escalation — could reignite a strong upward push. On the flip side, resolution of global conflicts and economic acceleration could temporarily weaken gold's allure, they said.
