Binance wallets hold about 1.06 billion USDT more than customers' net balances.

Binance’s on-chain USDT wallet held about 1.06 billion more USDT than customer net balances in its latest proof-of-reserves snapshot, taken at 9 a.m. KST on the 12th and covering 198 tokens, according to Unchained’s review of the disclosure page. The published reserve ratios were 104.34% for USDT, 100.05% for BTC and 100.02% for ETH, comparing on-chain wallet holdings with customer net balances. The gap matters because it suggests the exchange’s stablecoin holdings exceed what customers are owed, but users cannot yet independently verify their own balances are included until the zero-knowledge proof for the new snapshot is released. Watch for that proof and any subsequent reconciliation of the USDT surplus.