Here's How Much XRP, DOGE, SHIB Held in Top Exchange Bybit's Reserves

Cover image via U.Today

Bybit, a leading crypto derivatives exchange based in Dubai, has released its 10th reserve certificate, dated May 2024 (the time stamp on the wallets was for 4:00 a.m. UTC on that day).

This information was shared by Chinese cryptocurrency journalist and blogger Colin Wu on his official Twitter account.

Bybit Proof-of-Reserves Report: SHIB, XRP, DOGE, and More

This reserve certificate is part of the "proof-of-reserves" initiative implemented by centralized crypto exchanges following the collapse of FTX in November 2021, which significantly impacted the price of Bitcoin and the broader cryptocurrency market.

According to the report, Bybit currently holds 45,000 BTC, 317,434 ETH, and 2,669,466,361 USDT. The Bitcoin reserves have increased by 580 BTC compared to April. The Ethereum stash held on the platform has decreased by 8.57% (29,700 ETH). USDT reserves have increased by 13.32%, representing an additional 313 million dollar-backed stablecoins. These assets are held on behalf of Bybit users, excluding coins belonging to the exchange itself.

Bybit releases its tenth reserve certificate (May 8). Users’ BTC assets increased by 580 BTC compared with the last time (April 3); users’ ETH assets decreased by 8.57%, a decrease of 29,700 ETH; users’ USDT assets increased by 13.32%, with an increase of 313 million USDT.… pic.twitter.com/UiwN6rsNCM

— Wu Blockchain (@WuBlockchain) May 10, 2024**

The report also discloses the sizes of stashes for popular cryptocurrencies, including Ripple-affiliated altcoin XRP and the largest meme cryptocurrencies: Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB).

As of May 4, Bybit wallets contained 961,148,036 DOGE, 2,674,060,230,829 SHIB, 14,410,570,778,802 PEPE, and 342,596,582 XRP. These funds are held by Bybit on behalf of its users.