Gate’s Latest Proof of Reserves Shows XRP Overcollateralized at 115% Ratio

Gate.io has released its latest Proof of Reserves (PoR) report, showing that it holds more $XRP than its customers collectively have on the exchange.

The Proof of Reserve, released on Oct. 20, 2026, puts $XRP’s reserve ratio at approximately 115%, meaning Gate holds 15% more tokens than customers have deposited.

Based on the audit snapshot from Oct. 18, 2026, the report also shows that the exchange holds more than its customers’ balances across every other major asset class. Gate has published verified reserve reports since 2020.

Gate Strengthens Its Overall Reserve Coverage

Gate’s October report reveals that customers held a combined $7.332 billion in assets on the platform at the time of the snapshot, including more than 52 million $XRP.

The exchange held $8.688 billion in total reserves, bringing its overall reserve ratio to 118.49%. This marks an increase from the 117.26% recorded in the previous reporting period.

Gate’s reserves exceeded customer balances by $1.356 billion, giving the exchange an additional buffer to meet withdrawals if many customers seek to withdraw their assets at once.

Gate has maintained excess reserves throughout 2026, building on its first PoR audit in 2020. Its reserve ratio stood at 125% in January, when total reserves reached $9.478 billion, before falling to 122% in March.

The October ratio is lower than both earlier figures, partly due to the effect of a larger and faster-growing customer base. However, Gate still holds more than $1.3 billion above its customers’ combined balances, which keeps its total reserves well above its reported liabilities.

Gate Proof of Reserves Shows Small $XRP Holdings

Gate’s October PoR puts its $XRP reserve ratio at approximately 115%. Specifically, customers held 52,529,328 $XRP on the exchange, worth about $69.8 million at the time of the snapshot.

Meanwhile, Gate held 60,396,694 $XRP, valued at approximately $78.9 million. By press time, $XRP had risen to $1.33, pushing the value of the exchange’s $XRP holdings above $80.3 million.

Interestingly, on-chain data provided by XRPScan shows that Gate now holds 58.65 million $XRP across four $XRP Ledger (XRPL) accounts. This represents approximately 0.88% of the 68.4 billion $XRP tokens in circulation.

Gate’s $XRP holdings remain relatively small compared with those of the largest centralized exchanges. South Korea’s Upbit leads with approximately 4.4 billion $XRP across 13 XRPL accounts, accounting for 6.43% of the circulating supply.

Coinbase follows with 3.99 billion $XRP across 343 accounts, representing 5.84%, while Binance ranks third with 1.874 billion $XRP across 145 accounts, giving it a 2.74% share.

Robinhood, Bithumb, Uphold, and Kraken also rank among the top 10 $XRP exchange holders, holding between 958 million and 1.6 billion $XRP. Phemex, meanwhile, reported an $XRP reserve ratio of 153.55% in its September 2026 PoR.

Bitcoin, Ethereum, and Stablecoins Equally Well-Covered

Gate also holds more Bitcoin and Ethereum than its customers collectively own. Customers held 21,156 $BTC on the exchange, while Gate maintained 25,727 $BTC in reserves, worth $2.115 billion. This brought its Bitcoin reserve ratio to 121.6%. Essentially, the exchange held more than 4,500 $BTC above customer balances.

With Ethereum, Gate’s customers held 362,785 $ETH, while the exchange maintained 449,042 $ETH worth $1.082 billion. These holdings resulted in an Ethereum reserve ratio of 123.78%.

Gate’s stablecoin reserves also exceeded customer balances. The exchange held $929.8 million in USDT, giving it a reserve ratio of 111.68%. Its USD1 reserves reached $395.594 million, producing a ratio of 100.98%. As for GUSD, Gate held $317.3 million, giving it a reserve ratio of 181.11%.