u.today
In a recent disclosure, OKX has unveiled its 13th reserve certificate, showcasing a staggering total value of user assets reaching an impressive $14.5 billion as of the snapshot taken on Nov. 23.
The highlight of the report revolves around the exchange's assurance that all XRP tokens held by users are robustly backed by its own reserves, with astounding 104% coverage. This assurance encompasses a substantial 219,171,917 XRP tokens, translating to a remarkable value of $134.8 million.
Comparing this data with October's figures reveals a fascinating trend. In the span of a month, OKX increased its reserves in XRP by nine million tokens, surpassing the growth of user holdings, which only rose by 7.3 million tokens. This indicates a proactive strategy by the exchange to bolster reserves beyond the natural growth of user holdings.
📢 Hot Off The Press 📢
— OKX (@okx) November 29, 2023
We’re proud to publish our November 2023 #ProofOfReserves report showcasing 100% reserve ratios for 22 assets, including the debut of $USDC @circle as a Primary Asset.
+1M users have verified their assets are backed 1:1 on #OKX: https://t.co/bx6kqVFjc1 pic.twitter.com/5u3YfgyqXP
The report also sheds light on noteworthy fluctuations in other digital assets, including a surge in holdings of 3,008 BTC and approximately 60,160 ETH. In the stablecoin domain, USDT experienced an increase of 280 million in OKX Wallet assets, while USDC witnessed a decrease of 1.73 million.
Crucially, OKX's commitment to a 104% reserve ratio for XRP surpasses that of Bitcoin (BTC) and Ethereum (ETH), both maintaining a 103% reserve ratio on the platform.
While OKX stands out for its significant XRP holdings, it is crucial for users to acknowledge the centralized structure of exchanges. The proverbial wisdom, "not your keys, not your crypto," emphasizes the need for investors to exercise prudence and caution.