Tether, the stablecoin’s issuer, reported a net profit of $1.48 billion for the first three months of this year. This is double the result from the previous quarter, according to the latest attestation, published on Wednesday.

In its report on consolidated reserves, the company disclosed for the first-time bitcoin ( BTC ) and gold holdings. Tether had $1.5 billion worth of bitcoins on its balance sheet as of March 31. This is about 2% of the $80 billion it has in reserves. It also held $3.4 billion worth of gold.

The attestation for this quarter comes after a turbulent time in the $131 billion stablecoin industry. Several tokens lost their dollar pegs as the U.S. Banking Crisis hit Circle’s USDC – the second-largest dollar-pegged stabilitycoin. In February, the New York Department of Financial Services ordered the fintech company Paxos not to issue Binance USD (BUSD), the third largest stablecoin. The U.S. Securities and Exchange Commission was investigating the firm because it issued BUSD as an unregistered securities.

Tether’s USDT stablecoin, which has an 81.8 billion dollar supply at the time of writing, is one of the most obvious winners from the recent calamity. Its market cap has increased by 16 billion dollars since the beginning of the year or 24%. Tether also offers stablecoins based on other currencies, including gold. These stablecoins represent only a small fraction of USDT’s market capitalization.

Read more: USDC outflows surpass $10B as Tether’s Stablecoin dominance reaches 22-month high

Conor Ryder wrote that “Tether is the most trusted stablecoin due to the perceived safety of the SEC, and its peg stability as of late.”

The Q1 attestation, signed by BDO Italia (a financial services firm), shows that Tether had about $2.44bn in excess reserves of its $79.4bn in tokens issued as of March 31, 2018. This surplus was a record high, Paolo Ardoino said, Chief Technology Officer of Tether in the announcement.

Tether stated that all newly issued tokens had been invested in US Treasury Bills or deposited into overnight repurchase/reverse repurchase facilities. Tether held about 85% in cash, cash-like assets and bank deposits.

Tether has continued to reduce the amount of secured loan reserves in its reserve, decreasing them by approximately $500 million in Q1 to $5.3 billion. In December , the firm announced that it would completely sell off these holdings by this year.

Since years, Tether has faced criticism in the crypto community for a lack of transparency and controversial moves. A U.S. court ordered to produce documents regarding USDT’s backers as part of a suit that claimed Tether conspired with stablecoins to increase BTC’s value.

Ardoino stated in a statement that “we have an extremely optimistic outlook and remain committed towards transparency. This is why we introduced new categories to the breakdown of reserves in our quarterly report in order to provide greater transparency to our customers.”

Stephen Alpher edited the book.