Bybit reported $19.6 billion in mainstream covered assets in its 40th proof-of-reserves snapshot, using balances recorded at 03:00 UTC on September 23, 2026. Hacken signed a verification report on September 29 covering wallet control, the liabilities file, Merkle-tree construction and the published root. All 50 assets in scope showed reserves at or above reported customer balances. User Bitcoin holdings stood at 56,131 BTC against 58,721 BTC in wallets, while Ether holdings were 551,868 ETH against 570,018 ETH. Reported USDT customer balances declined about 11% from August to roughly $3.59 billion, compared with about $3.96 billion in wallets. The $19.6 billion total rose from $18.1 billion in August and $16.2 billion in July, partly reflecting changes to the covered token set, including 10 newly listed assets. The disclosure is a point-in-time coverage test rather than a statutory audit and does not establish why USDT balances fell, whether reserves are unencumbered, or whether withdrawals would be met during market stress.