X @CoinMarketCap

Binance leads with over $140bn in tracked Proof of Reserve assets, followed by OKX’s $30bn and Bybit’s $13bn.Beneath that, reserve composition reveals sharply different risk models. Large exchanges maintain BTC/ETH-heavy cores with selective native token exposure (e.g., Binance ~19% in BNB), balancing liquidity with upside. In contrast, smaller platforms skew heavily toward stablecoins (often >60–90%), prioritizing solvency and withdrawal readiness over market exposure. ...