#GateSeptemberTransparencyReport

‍#Gate发布9月透明度报告 $GT
Everyone’s quoting the 62M user count from Gate’s September report. I’d rather ask a different question: how do you read the reserves section? A ratio like 127% sounds simple, but there’s some arithmetic behind it worth seeing.

1. What the ratio actually measures
The reserve ratio is reserves divided by customer liabilities. Gate’s published points were 115% on June 22, 117% on July 27 and 127% on August 19. Over that stretch, total reserves barely moved, from $8.182B to $8.215B (+0.4%), yet the ratio rose 12 points. That implies customer liabilities fell from about $7.1B to $6.5B, roughly -9% (my math). So the ratio improved mainly because user balances shrank, not because reserves grew. That isn’t a red flag. It’s a reminder that a rising ratio can have more than one cause.

2. Dollars vs coins
In October 2025, the annual report cited $11.676B at a 124% ratio. $8.215B now is about -30% (my math). BTC is roughly 35% below its record, so I read most of that as price, not outflows, though that’s my interpretation. In coin terms, BTC reserves went from 26,775 BTC in July to 27,550 in August, while user BTC holdings rose from 21,557 to 22,436. The BTC excess narrowed from 24.2% to about 22.8% (my math).

3. Where the cushion is thin
In June, USDT user holdings were 1.418B against 1.432B in reserve, an excess of just 1.0%. At roughly 20% of implied liabilities (my math), stablecoins matter a lot. One tracker puts the August aggregate stablecoin ratio at 111.6%, which would be better, but that’s single-source. The next report should show whether it holds.

4. Compared to what?
Third-party trackers reportedly count $7.05B in assets, and $5.98B after filtering for what they treat as clean assets, versus $8.215B self-reported (single-source). That’s 86% and 73% of the reported figure (my math). I treat it as a methodology gap, since trackers only see what’s visible on-chain, not as evidence of a shortfall. But it’s the gap I’d want explained.

5. What proof of reserves is and isn’t
It’s a snapshot with cryptographic checks that let users verify their own balances. It isn’t a full audit, and a snapshot doesn’t show movements between reports or liabilities that sit off-chain.

6. What I’d want next
Reserves shown in coin terms by asset every month, the stablecoin ratio trend, a public definition of “clean” assets, an independent attestation, and active users alongside the 62M registered.

My take: credit where it’s due, since monthly disclosure with asset-level detail is better than most. My point is to read it like an analyst: reserves, liabilities and the ratio together, not the headline percentage alone.

Not financial advice.

Which transparency metric do you trust most: the reserve ratio, the asset-by-asset breakdown, or independent audits? And what one number would you add to the next report?