Stablecoin issuer Tether reported a net profit of $1.48 billion for the first quarter of 2023 in an assurance report published on Wednesday. The company behind USDT also disclosed ownership of Bitcoin and gold, which made up 2% and 4% of its reserves respectively.

The firm’s first quarter profit came in ahead of figures reported by the world’s largest asset manager Blackrock, which recorded $1.16 billion in Q1 profit. According to CTO Paolo Ardoino, the significant net profit recorded in this period led to a reserve surplus of $2.44 billion, which currently stands at an all-time high.

A consolidated reserves report prepared by independent auditors from BDO Italia revealed that Tether holds $81 billion worth of assets on its balance sheet, most of which has been placed in U.S. Treasury Bills and similarly liquid assets. Bitcoin accounted for $1.5 billion of Tether’s reserves and $3.4 billion was held in gold.

The firm also reduced exposure to secured loans by 25% in line with its plans to eventually bring the total allocation to this category down to zero.

Tether’s impressive first quarter results come despite heightened regulatory scrutiny towards digital assets and a period where some stablecoins, such as USDC, briefly lost their peg to the U.S. dollar amid the banking crisis. Earlier this year, the New York State Department of Financial Services (NYDFS) ordered Paxos to stop issuing the Binance-branded stablecoin BUSD.

Despite the struggles faced by its peers, however, Tether seems to have benefited from the backdrop of the chaos surrounding the stablecoin market. Data from Coinmarketcap shows that Tether’s market cap grew from $66 billion at the start of the year to a little over $82 billion at the time of writing.