What happened
MEXC released its September 2026 Proof of Reserves report on Tuesday from Mutsamudu, Comoros, showing user assets remain fully backed across every disclosed reserve line. Hacken performed the audit against a September 10 snapshot and confirmed that reserves exceed a 1:1 ratio on all in-scope assets. Bitcoin backing rose to 297%, with 12,202.
13 BTC on the reserve side against 4,106. 57 BTC in user holdings, per the audited report. USDT reserves came in at 1,818,202,910.
24 against user liabilities of 1,526,526,878. 38, a 119% ratio. USDC sits at 111% (299,925,929.
77 versus 269,894,125. 25), and ETH is also 111% (58,917. 60 versus 53,243.
98). The exchange verifies balances through Merkle Tree technology, which lets a user confirm their own record is inside the total without exposing other users' data.
Why it matters
Proof of Reserves became the industry's post-FTX default in late 2022, and the September update matters because the BTC ratio didn't just hold, it climbed nine points month over month. That's a meaningful bump when trading fees are zero and inflows into a centralized venue are one of the few tells that user confidence is intact. "Protecting user assets and earning their trust are fundamental responsibilities, not optional commitments," said Vugar Usi, CEO of MEXC, framing monthly PoR as a standing commitment rather than a marketing beat.