Gate reported a 117% overall reserve coverage ratio as of July 27, 2026, with disclosed reserves exceeding reported user liabilities across nearly 500 asset types. The figures, published in the platform’s latest proof-of-reserves report, place Bitcoin, Ether, major stablecoins, GT and XRP above a 100% coverage threshold based on the exchange’s stated methodology.
The disclosure shows reported user Bitcoin balances rising to 21,557 BTC, from 19,054 BTC in the preceding reporting period. Gate reported holding 26,775 BTC in reserves, producing a 124.2% reserve ratio, or 24.2% more BTC than the user-asset balance included in its report.
Reported Ether balances followed a similar pattern. User assets reached 374,348 ETH, up from 344,935 ETH previously, while Gate’s reserve holdings rose to 456,798 ETH from 423,960 ETH. The exchange calculated an Ether reserve ratio of 122.02%, representing excess coverage of 22.02%.
Stablecoin reserves account for more than 1.5 billion units
Gate’s report grouped USDT, USDC, USD1 and GUSD into a combined stablecoin category. It listed 1.336 billion units in user assets against 1.59 billion units in reserves, producing a combined reserve ratio of 118.97%.
That leaves roughly 254 million additional units beyond the reported liabilities in the four stablecoins, assuming each unit is counted at face value within the exchange’s calculations. Stablecoin coverage attracts particular attention in reserve disclosures because these assets are commonly used for trading collateral, settlement and withdrawals, which can concentrate demand during volatile market periods.
The report also listed a 131.13% reserve ratio for Gate’s GT token and a 116.5% ratio for XRP. Reserve ratios above 100% indicate that the assets attributed to a category exceed the related customer balances in the snapshot, rather than establishing the exchange’s full financial position or ability to meet every obligation outside the reported user-asset categories.
Proof-of-reserves reports can give users a way to check whether an exchange included their balance in a published liability snapshot and whether disclosed wallet holdings match the claimed asset side. They are less comprehensive than a full financial audit, which would examine liabilities beyond customer deposits, corporate debts, internal controls, and the ownership or encumbrance of reserve assets.
Verification relies on cryptographic proofs and wallet records
Gate said its reserve verification system uses zero-knowledge proofs and Merkle-tree checks. A Merkle tree is a cryptographic structure that lets users confirm their account balance was included in a large dataset without revealing the balances of other customers. Zero-knowledge proofs are designed to validate certain claims without disclosing the underlying sensitive data.
The exchange also cited user-asset snapshots, hot-and-cold wallet management, asset segregation, access controls and security audits as elements of its risk framework. Hot wallets are connected to the internet to process routine withdrawals and transfers, while cold wallets are generally held offline to reduce exposure to online attacks.
The practical value of such disclosures depends on whether users can independently perform the checks offered, whether the published wallet addresses remain identifiable, and whether the reported liabilities capture all customer claims at the same point in time as the reserve balances. A reserve ratio can change as customers deposit, withdraw or trade assets after a snapshot is taken.
Gate reported that it has more than 58 million users globally and supports more than 4,800 crypto assets. The platform also said it offers trading access to more than 12,500 stocks and ETFs, along with products marketed as pre-IPOs, IPO access and tokenized equities through its gStocks label. Those offerings expand the set of products associated with the platform, though the reserve report’s disclosed ratios concern the crypto asset categories covered by its verification process.
GUSD disclosure includes subscriptions and yield terms
The report said total GUSD subscriptions had exceeded 224 million units. It also referenced a 3.8% annualized yield associated with holding GUSD, alongside redemption terms of 1:1 in the original subscription currency and no stated redemption fee.
Annualized yield figures describe a rate projected over a full year and should not be read as a fixed return unless the product’s terms explicitly guarantee one. Users considering yield-bearing stablecoin products also face questions beyond reserve coverage, including the source of the yield, redemption mechanics, issuer exposure and the circumstances in which product conditions can change.
Gate’s July figures show higher reported balances and reserve holdings for Bitcoin and Ether than in its prior reporting period, while stablecoin reserves remained above the stated liabilities by nearly 19%. The report gives users a current snapshot of the assets Gate says it holds against covered balances, while leaving the broader assessment of exchange risk dependent on ongoing transparency, independent verification and each user’s custody choices.
Want deeper insight into crypto safety and reserves? Explore proof of reserves and Merkle trees in this detailed guide.
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