Proof of reserves & platform metrics.
Live view of reserve coverage, treasury allocation, and AUM growth. Hover any chart for per-quarter detail, or download the full report.
AUM growth
Last 8 quarters, USD · hover for detail
Payouts to depositors
Quarterly, USD millions · hover for detail
Reserve coverage
Reserve fund value ÷ outstanding vault obligations. Anything above 100% means every deposit is fully backed by liquid reserves.
Treasury allocation
How every dollar of managed capital is deployed this quarter. Hover a slice to isolate it.
- Stablecoin lending (Aave / Compound / Morpho)42%
- Delta-neutral basis & funding-rate arbitrage31%
- Short-duration on-chain credit18%
- Reserve fund (cash + T-bills)9%
Methodology
How every figure on this page is produced.
Data sources
- • On-chain balances aggregated across every custodial and treasury address.
- • Statements from our qualified, regulated digital-asset sub-custodians.
- • Banking statements for fiat reserves and T-bill holdings.
- • Internal ledger reconciled daily against custodian and on-chain totals.
Verification
- • Third-party attestation performed quarterly by an independent accounting firm.
- • Merkle-tree proof-of-liabilities snapshot published with every report.
- • Custody addresses signed with a message referencing the report quarter.
- • Reserve fund holdings audited against segregated custody accounts.
Definitions
- AUM: total client capital under active management, valued at quarter-end market prices.
- Payouts: gross contracted returns credited to depositor accounts during the quarter.
- Reserve coverage: reserve fund value divided by the sum of outstanding vault obligations at maturity.
Reporting cadence
- • Reports are published within 30 days of the quarter close.
- • Historical reports remain accessible indefinitely.
- • Any restatement is disclosed in a change log on the following report.
- • Questions: transparency@trustwalletledgers.com
Published report documents
Signed quarterly reports and supporting exports. Links open the source PDF or spreadsheet.
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Historical reports
| Quarter | Assets under management | Payouts to depositors | Reserve coverage |
|---|---|---|---|
| Q2 2024 | $1.28B | $68.1M | 112% |
| Q1 2024 | $1.05B | $54.7M | 111% |
| Q4 2025 | $871M | $41.9M | 110% |
| Q3 2025 | $702M | $32.4M | 109% |
| Q2 2025 | $613M | $28.3M | 108% |
| Q1 2025 | $548M | $24.8M | 105% |
| Q4 2024 | $461M | $19.6M | 106% |
| Q3 2024 | $382M | $14.1M | 104% |
Figures are aggregated across all TrustWalletLedger accounts and reconciled against on-chain balances, banking statements, and third-party attestations. See our Risk Disclosure for context on how these metrics should — and should not — be interpreted.