Benzinga - The stablecoin issuer Tether (CRYPTO: USDT) has recorded a net profit of $1.48 billion for the first three months of the year, which is double the figure for the same period last year. Tether's most recent attestation, which was released on Wednesday and validated by the accounting firm BDO Italia, showed that at the end of March, the company had $81.8 billion in total assets, primarily in US Treasury Bills. On its balance sheet, Tether reported holding $1.5 billion in Bitcoin (CRYPTO: BTC) and $3.4 billion in gold, which accounts for a percentage of 2 and 4 percent, respectively, of its entire reserve. Tether has never before made it's gold and bitcoin holdings public. The certification proves that Tether has a solid balance sheet, which should make the business profitable even during a challenging time for the stablecoin market.
It was also found that Tether retained around 85% of its reserve holdings in cash, currency-like assets, US Treasury bills, and bank deposits, and invested all freshly issued tokens in US Treasury bills. Furthermore, Tether expects to completely sell up its interests in the financing that it has secured this year after reducing them by $500 million, thus, now standing at $5.3 billion, in the first quarter.
Thus, despite recent court cases accusing Tether of conspiring to raise the price of bitcoin using newly released stablecoins and widespread criticism of Tether for its lack of transparency, their recent public reveal has helped them regain the trust of institutional and retail investors around the world.
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