What to know:
- Tether’s U.S.-focused stablecoin USAT grew more than sixfold in April to $140.8 million, the token’s latest reserve report shows.
- Tether USAT’s chief executive said the surge reflects growing institutional use for treasury management, settlements and regulated dollar liquidity.
- Launched in January, USAT remains far smaller than its rivals targeting U.S. customers, including Circle’s $76 billion USDC, PayPal’s $5.5 billion PYUSD and Ripple‘s $1.7 billion RLUSD.
Tether, the company behind the popular stablecoin USDT, saw its new digital dollar token, USAT, increase over six times in April. However, USAT is still much smaller than other similar tokens.
I was really encouraged by the latest reserve report from Deloitte. It showed a huge jump in the token’s activity – the circulating supply went from $22 million in March to over $140 million by the end of April! That’s over a 540% increase in just one month. What’s even better is that the reserves backing the token grew right along with it, going from $22.2 million to $141.2 million. It’s great to see the token being so well-supported.
According to Bo Hines, CEO of Tether USAT, the company’s growth is due to more businesses and institutions using it for managing their finances, handling payments, and accessing digital dollar liquidity.
He also noted that overall policies are improving and USAT is already set up in a way that meets the needs of its partners.
The stablecoin market is now worth over $300 billion, becoming a significant part of the global financial system and how payments are made. The recent GENIUS Act established federal rules for stablecoins backed by the U.S. dollar, encouraging banks, financial technology companies, and cryptocurrency businesses to offer officially regulated digital dollars in the United States.
USAT launched in January and comes from Anchorage Digital, a crypto bank authorized by the U.S. federal government. Tether, the company behind the popular stablecoin USDT, partnered with Anchorage Digital to grow its presence in the United States. USDT remains the world’s biggest stablecoin pegged to the U.S. dollar, with a value of almost $189 billion. It’s officially regulated in El Salvador and is commonly used in developing countries for sending payments, saving money, and trading.
Even with recent growth, USAT still lags behind its major competitors in attracting American customers.
As an analyst, I’ve been tracking the stablecoin market, and right now, Circle’s USDC is the clear leader with around $76 billion in market capitalization. Paxos’s stablecoin is significantly smaller, at about $5.5 billion. Interestingly, a newer entrant, launched in December 2024, has already gained traction, reaching approximately $1.7 billion in value.
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2026-05-28 22:10