Phemex Reports 131.36% Average Reserve Ratio in October Proof of Reserves
Phemex, a user-focused crypto exchange, has released its October Proof of Reserves (PoR) report, showing that all eight covered assets were fully backed with an average reserve ratio of 131.36%. The report, published on October 5, 2026, revealed that every asset had a reserve ratio above 100%. Bitcoin (BTC) recorded a ratio of 103.13%, Ethereum (ETH) 123.79%, and USD-denominated assets 100.60%. Solana (SOL) stood at 141.42%, Avalanche (AVAX) at 143.43%, and TRON (TRX) at 123.86%. XRP and SUI had the highest ratios at 157.03% and 157.58%, respectively.
Federico Variola, CEO of Phemex, emphasized that Proof of Reserves provides users with a clear view of asset backing at any given time. The October data confirmed full coverage across all reported assets, with additional reserves maintained.
Phemex regularly publishes Proof of Reserves to offer transparency on the relationship between customer liabilities and held assets. The exchange uses a Merkletree-based verification framework, allowing users to confirm their balances are included in reported liabilities while preserving privacy.
The October report is part of Phemex’s ongoing effort to strengthen its custody, risk management, and operational infrastructure. Founded in 2019, Phemex serves over 10 million traders worldwide, offering spot and derivatives trading, copy trading, and wealth management products.