Stablecoin giant Tether’s US-focused digital dollar token USAT (USAT) expanded more than six-fold month-over-month in April, still lagging far behind its rivals.
According to the latest reserve report signed by Deloitte and published on Thursday, the token’s circulating supply hit $140.8 million per April 30, up from $22 million in March and with 540% growth in one month. Reserve assets backing the token rose to $141.2 million from $22.2 million in March, the report showed.
Bo Hines, CEO of Tether USAT, said the growth reflects “increased usage across institutional treasury operations, settlement flows and regulated dollar liquidity management.”
“The broader policy environment is moving in the right direction, and USAT is already operating in the kind of structure that institutions demand,” he added.
The stablecoin market has grown to over $300 billion in value as the sector becomes increasingly integrated into global finance and payment rails. The GENIUS Act, which created a federal framework for dollar-backed stablecoins, furthered this trend and opened the door for banks, fintech firms and crypto companies to offer regulated digital dollars in the US
USAT debuted in January and is issued by Anchorage Digital, the federally chartered crypto bank that Tether partnered with to expand into the US market. Tether’s flagship stablecoin, USDT, remains the largest US dollar-pegged token globally, with a market cap close to $189 billion. USDT is regulated in El Salvador and is widely used in emerging markets for payments, savings and trade.
Despite last month’s growth spurt, USAT still has a lot to catch up to its main rivals looking at US customers.
Circle’s USDC token has a market cap of around $76 billion, while issued by Paxos, stands at around DKK 5.5 billion. which debuted in December 2024, has grown to about $1.7 billion.
