Why 131% Coverage Matters for Bitget’s Proof-of-Reserves Test, as Quant Powers Bank Tokenization Network

Crypto exchanges have spent years confronting one of the industry’s most difficult questions: can users trust that the assets displayed on their accounts are actually backed by assets held by the platform?

Bitget’s latest Proof of Reserves update puts that question back at the center of the conversation, offering another monthly snapshot of its reserves and the mechanisms users can use to verify them.

The exchange has now released its 47th Proof of Reserves report, continuing a reporting practice that began in December 2022. The latest snapshot, recorded at 17:00 UTC+8 on September 29, 2026, shows a total reserve ratio of 131% across 19 covered assets.

The headline figure is significant because a 100% reserve ratio represents basic one-to-one coverage: an exchange holds an equivalent amount of assets to match customer liabilities covered by the assessment.

A ratio of 131% indicates that, according to Bitget’s reported snapshot, reserves exceed the corresponding customer assets by 31%. Bitget says its reserve ratio has remained above 120% on average.

That additional buffer is important in an industry where liquidity, counterparty exposure and sudden withdrawals can rapidly test an exchange’s financial structure. A Proof of Reserves report should not be interpreted as a complete financial audit.

It provides evidence about assets and liabilities within the scope and methodology of the particular assessment, while other risks may remain outside that framework. One of the more important elements of Bitget’s system is Merkle Tree verification.

Instead of requiring users to simply accept an exchange’s published numbers, the cryptographic structure allows individual customers to check whether their assets were included in the reported snapshot.

The process is designed to provide verification without revealing another user’s balances, addressing the fundamental privacy problem that comes with publicly proving exchange liabilities. That distinction matters.

Transparency in crypto is increasingly moving from corporate assurances toward verifiable data. The underlying idea is straightforward: users should have mechanisms that allow them to independently examine claims rather than relying entirely on statements from centralized institutions.

Bitget is also presenting transparency as something broader than reserve reporting. Through its Bitget Alliance Program, the exchange says 30% of eligible platform transaction-fee revenue is allocated to a dedicated prize pool.

Updates to the pool are published daily at 16:00 UTC+8, allowing participants to monitor how rewards accumulate during the program, subject to its terms and conditions.

This approach reflects a wider evolution in crypto exchange competition. Security and liquidity remain fundamental, but users increasingly want visibility into how platforms operate, distribute incentives and manage customer-facing programs.

The 131% reserve figure therefore represents more than another monthly number. It contributes to an ongoing industry effort to make centralized crypto platforms more transparent and independently verifiable.

Yet the most important lesson is that transparency works best when users can verify rather than merely believe. Proof of Reserves, Merkle Tree systems and regularly published updates can strengthen that process.

While users still need to understand the methodology, asset coverage and limitations behind every report. The September snapshot extends a reporting record that now spans 47 updates.

For the broader crypto market, it highlights a continuing shift toward measurable proof as exchanges compete for trust in an industry where credibility can be as valuable as liquidity.

Quant Powers Bank Tokenization Network as QNT Surges 158.3%, While Blockchain.com Targets $500M US IPO

The institutionalization of blockchain infrastructure is entering a new phase, with two developments highlighting how the industry is moving beyond speculative digital assets and toward regulated financial markets.

A clearing house’s decision to tap Quant to power a bank tokenization network, alongside Blockchain.com’s reported plan to raise as much as $500 million through a US initial public offering, signals growing confidence in blockchain as financial infrastructure rather than merely a vehicle for cryptocurrency trading.

Quant’s role in bank tokenization is particularly significant because tokenized deposits and bank-issued digital assets require infrastructure capable of connecting existing financial institutions with blockchain-based settlement systems.

Unlike public cryptocurrencies, bank tokenization is focused on bringing traditional forms of money and financial instruments onto distributed networks while preserving regulatory controls, institutional standards and interoperability.

The market reaction was immediate. Quant’s QNT token reportedly rallied 158.3%, reflecting how quickly investors can reprice blockchain infrastructure projects when they become connected to large-scale institutional adoption.

The surge also illustrates a broader trend in digital-asset markets: investors are increasingly paying attention to the infrastructure layer that could underpin tokenized securities, payments, deposits and other financial products.

Yet price movements should not be confused with guaranteed adoption. A tokenization network still has to demonstrate that banks will use it at meaningful scale, that interoperability works across institutions and blockchains, and that the resulting system can satisfy regulatory and operational requirements.

The potential market is substantial, but implementation remains the critical test. At the same time, Blockchain.com appears to be positioning itself for an important transition from private crypto company to publicly traded financial-technology business.

The company is reportedly targeting a US IPO that could raise approximately $500 million at a valuation between $4 billion and $6 billion. If completed, such a listing would provide public-market investors with another way to gain exposure to the expanding cryptocurrency economy.

Blockchain.com has operated across several areas of the digital-asset ecosystem, including wallets, trading and institutional services. A successful IPO would therefore offer a market-based assessment of how investors value a company whose business is closely tied to crypto adoption while operating within an increasingly regulated financial environment.

The timing is also notable. The crypto industry has spent years moving from retail speculation toward institutional participation. Spot exchange-traded funds, tokenized assets, regulated derivatives and stablecoin infrastructure have all helped bring digital assets closer to conventional finance.

An IPO from a major crypto-native company would extend that process into public equity markets. Together, the Quant and Blockchain.com developments point toward a financial system in which blockchain companies increasingly compete for institutional credibility.

One story is about the infrastructure required to tokenize traditional banking assets; the other is about a crypto-native company seeking validation from public investors.

The next stage of the industry may therefore be less about whether blockchain can disrupt finance and more about which companies can build the infrastructure, regulatory relationships and economic models capable of supporting finance at institutional scale.