US-focused stablecoin giant Tether’s USAT digital dollar token (USAT) rose more than six-fold month-on-month in April, but still lags far behind its rivals.
According to the latest reserves report signed by Deloitte and published on Thursday, the circulating supply of the token reached $140.8 million as of April 30, up from $22 million in March, and recorded a growth of 540% 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 use in institutional treasury operations, settlement flows and regulated dollar liquidity management.”
“The broader political environment is moving in the right direction, and USAT is already operating in the type of structure that institutions are asking for,” he added.
The stablecoin market has surpassed $300 billion in value as the sector becomes increasingly integrated into global financial and payment pathways. The GENIUS Act, which created a federal framework for dollar-backed stablecoins, further fueled that trend, opening the door for banks, fintech companies, and cryptocurrency 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 capitalization close to $189 billion. USDT is regulated in El Salvador and is widely used in emerging markets for payments, savings, and transactions.
Despite last month’s growth stimulus, USAT still has a lot to catch from its major rivals eyeing American customers.
Circle’s USDC token has a market capitalization of approximately $76 billion, while issued by Paxos, amounts to about $5.5 billion. which debuted in December 2024, has grown to approximately $1.7 billion.
