Key Highlights:
- Gate’s October Proof of Reserves reveals total platform reserves of $8.688 billion against $7.332 billion in customer liabilities, securing an overall reserve ratio of 118.49%.
- The exchange maintains overcollateralized positions across major crypto assets, backing user funds with a 115% reserve ratio for XRP, 121.6% for Bitcoin, and 123.78% for Ethereum.
- While Gate holds 60,396,694 XRP—exceeding customer balances by several million tokens—its XRP footprint remains modest compared to top exchange holders such as Upbit, Coinbase, and Binance.
Gate Strengthens Reserve Coverage With a $1.356 Billion Capital Buffer
Cryptocurrency exchange Gate has published its October Proof of Reserves (PoR) report, demonstrating that the platform holds significantly more capital than required to cover total user liabilities. At the snapshot time, customer deposits totaled $7.332 billion, while Gate maintained $8.688 billion in reserves. This brought the exchange’s aggregate reserve ratio to 118.49%, an increase from the 117.26% documented in the previous reporting cycle.
The resulting $1.356 billion surplus ensures that Gate has a substantial financial buffer in place to honor client redemptions, even during sharp spikes in simultaneous withdrawal requests. Gate has maintained overcollateralized excess reserves throughout 2026, building upon the framework established during its initial PoR audit in 2020. Earlier in the year, the platform’s reserve ratio reached 125% in January—when total reserves touched $9.478 billion—before settling at 122% in March. Although the October figure reflects a slight decrease relative to those earlier metrics due to rapid customer base expansion, the platform’s overall balance sheet remains well above reported obligations.
Analysis of Gate’s XRP Balances and Competitive Exchange Holdings
According to the October report, Gate holds an XRP reserve ratio of approximately 115%. Platform users held 52,529,328 XRP, which carried a market value of roughly $69.8 million at the time of the reserve snapshot. In contrast, Gate retained 60,396,694 XRP worth around $78.9 million, giving it full coverage alongside a multi-million-token safety margin. Subsequent market appreciation saw XRP trade at $1.33, lifting the value of Gate’s total XRP reserves past $80.3 million.
Complementary on-chain data tracked by XRPScan indicates that Gate oversees 58.65 million XRP distributed across four XRP Ledger (XRPL) accounts. This accounts for roughly 0.88% of the asset’s 68.4 billion circulating supply. Despite the platform’s healthy collateralization, Gate’s aggregate XRP holdings represent a modest share compared to industry-leading centralized exchanges. South Korea’s Upbit ranks as the largest centralized custodian of the token, holding approximately 4.4 billion XRP across 13 XRPL accounts (6.43% of the circulating supply). Coinbase trails closely with 3.99 billion XRP across 343 accounts (5.84%), while Binance controls 1.874 billion XRP across 145 accounts (2.74%). Other prominent centralized holders include Robinhood, Bithumb, Uphold, and Kraken, with reserves ranging between 958 million and 1.6 billion XRP. By comparison, exchange competitor Phemex posted an XRP reserve ratio of 153.55% in its September 2026 PoR audit.
Comprehensive Reserves Back Bitcoin, Ethereum, and Stablecoins
Beyond XRP, Gate’s latest balance sheet verification confirms robust coverage for the broader cryptocurrency market’s primary liquid assets. In Bitcoin holdings, user liabilities stood at 21,156 BTC, against exchange-held reserves of 25,727 BTC valued at $2.115 billion. This corresponds to a Bitcoin reserve ratio of 121.6%, meaning Gate maintains a surplus of more than 4,500 BTC above customer deposits.
A similar excess was documented across the exchange’s Ethereum and stablecoin holdings:
- Ethereum (ETH): Platform users held 362,785 ETH, while Gate maintained 449,042 ETH worth $1.082 billion, yielding a reserve ratio of 123.78%.
- Tether (USDT): Gate recorded $929.8 million in USDT reserves, securing a 111.68% backing ratio against customer deposits.
- USD1: Exchange holdings reached $395.594 million, resulting in a 100.98% coverage ratio.
- Gemini Dollar (GUSD): Gate retained $317.3 million in GUSD reserves, achieving an overcollateralization ratio of 181.11%.
Why This Matters
Proof of Reserves audits have become a vital transparency benchmark across the digital asset ecosystem, allowing market participants to verify exchange solvency on-chain. Gate’s maintenance of an excess cushion across both major volatile assets (BTC, ETH, XRP) and key stablecoin pairings protects user liquidity against potential bank-run scenarios. Furthermore, on-chain tracking from analytics providers like XRPScan underscores how XRP liquidity is distributed throughout the industry, highlighting the concentration of supply across major regional hubs such as Upbit and Coinbase relative to mid-tier custodians.
Frequently Asked Questions
What is Gate’s overall reserve ratio in the latest report?
Gate registered an overall reserve ratio of 118.49% in its October report. The exchange’s total reserves reached $8.688 billion, surpassing customer liabilities of $7.332 billion by $1.356 billion.
How much XRP does Gate hold compared to customer balances?
Gate holds 60,396,694 XRP against customer liabilities of 52,529,328 XRP, representing an overcollateralized reserve ratio of approximately 115%. On-chain tracking from XRPScan confirms that Gate manages 58.65 million XRP across four XRPL addresses.
How well are Bitcoin and Ethereum backed on Gate?
Both assets are backed well beyond a 1:1 ratio. Gate holds 25,727 BTC against 21,156 BTC in customer balances (a 121.6% ratio) and 449,042 ETH against 362,785 ETH in customer liabilities (a 123.78% ratio).
