Stablecoin issuer Tether reported a net profit of $1.5 billion for Q1, more than double the previous quarter, according to its latest attestation report.

"We are thrilled with Tether's tremendous success in Q1 2023, with our reserves' surplus reaching an all-time high of $2.44 billion," said Paolo Ardoino, Tether's CTO, in a statement shared exclusively with The Block. "Our net profits for the quarter were $1.48 billion, a testament to the strength and stability of our platform."

As of May 9, Tether's consolidated total assets were at least $81.8 billion, with total liabilities at $79.4 billion, reflecting a surplus of at least $2.44 billion. This surplus includes the $1.5 billion net profit from Q1. In contrast, Q4 net profit was $700 million, not included in the prior surplus.

Tether also revealed its bitcoin and gold allocations for the first time, holding $1.5 billion in bitcoin and $3.3 billion in precious metals. About 85% of its investments are held in cash, cash equivalents, and short-term deposits, with gold and bitcoin making up around 4% and 2% of the total reserves, respectively.

"We continue to monitor the risk-adjusted return on all assets within our portfolio and expect to make further changes as the economic environment evolves," Ardoino said. "Looking ahead to Q2, we have a positive outlook and remain committed to transparency, introducing new categories in our reserves' breakdown for greater transparency to our users."

Tether's USDT remains the largest stablecoin in the market, with a supply of over 83 billion tokens.