Most posts about Gate's September transparency report start with the 62 million user mark. I went a different way and compared the numbers with the June and July reports to see which trends are real. Here are the snapshots.

Then: where Gate stood in June

By the end of Q2, Gate had more than 58 million registered users, 4,800+ digital assets and 12,500+ stock and ETF assets, with total reserves of $8.182 billion at a 115% ratio. Gate CFD listed 663 trading instruments, with a single-week volume peak above $150 billion. Gate Polymarket, a centralized exchange channel integrated with Polymarket, recorded 501,190 participants and more than $528 million in cumulative volume during the World Cup.

Now: the September numbers

Users have passed 62 million, with support for 5,300+ digital assets and 12,800+ stocks and ETFs. Spot ranks among the top two globally and futures among the top three. CoinDesk put September derivatives volume at $396.4 billion, up 38.2% month over month, with a 10.1% market share. Meme Go volume rose 77.55% from August, while users trading meme coins rose 67.65%.

The change in one line each

Users: from 58 million to 62 million, about 7% more.
Digital assets: from 4,800+ to 5,300+, about 10% more.
Stocks and ETFs: from 12,500+ to 12,800+, about 2% more.

Product breadth is growing fastest in crypto, and the stock catalog is already large.

The trend I find most interesting: BTC held for users

Reserve reports show user BTC holdings rising across three snapshots. In June, user BTC holdings rose from 17,216 BTC to 19,054 BTC, with 25,292 BTC held in reserve. By late July, user holdings reached 21,557 BTC against 26,775 BTC in reserve. By August 19, BTC reserves reached 27,550 BTC against user holdings of 22,436 BTC.

By my math, user BTC holdings grew about 30% across those reports, while reserves grew about 9%. The excess cushion narrowed from 32.7% in June to about 22.8% in August. That is still a surplus, but it shows reserves are being used to support a larger customer base, which is why I watch the trend and not only the headline.

The overall ratio

The overall reserve ratio moved from 115% in June to 117% in late July and 127% on August 19, with total reserves at $8.215 billion. Total reserves were nearly flat against June's $8.182 billion, so by my rough calculation the higher ratio implies measured user liabilities fell about 9%. That is an inference, not a reported figure. Stablecoins show a thinner margin: the aggregate stablecoin reserve ratio recorded in the August report was 111.63% across USDT, USDC, USD1 and GUSD.

A balanced note on verification

Independent trackers do not always match company reports. DefiLlama measures about $7.052 billion in assets for Gate, and $5.977 billion once clean assets are isolated, against the exchange's own reported figure. Different methods give different totals, so I read both and focus on direction.

Beyond trading: the ecosystem layer

Gate.AI completed an architecture upgrade integrating more than 200 major large models, and the platform is focused on AI agents, RWAs, prediction markets and on-chain infrastructure. On the stock side, Gate lists more than 1,500 Hong Kong stocks and more than 1,000 South Korean stocks, and ranked sixth among centralized exchanges by assets on DefiLlama's list. This week's moves in Korean chip stocks show why that coverage matters.

Next: what I want to see

First, the October report should show whether BTC reserves keep pace with user holdings. Second, I want clearer disclosure of stablecoin coverage, since 111.63% is the thinnest line. Third, I would like fee and risk explanations placed closer to Meme Go and leveraged products, because 77.55% growth in meme volume brings more risk, not only more activity.

Which result stands out for me

The BTC holdings trend. Volume and user counts are easy to inflate, but customers keeping more BTC on the platform is a trust signal, as long as reserves keep growing with it.

How I will use it

I will keep tracking three lines each month: the overall reserve ratio, the BTC excess ratio and the stablecoin ratio. I will compare them with independent dashboards, and I will not rely on any single ranking.

The market backdrop

BTC is near $81,800 after a volatile week, with Tesla earnings today and the Fed meeting on October 27-28. Volatility tests exchanges, which is why reserve reports matter more in weeks like this.
@Gate_Square

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