Tether’s U.S.-focused USAT stablecoin posts rapid monthly growth, trails larger rivals

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Tether USAT stablecoin growth

Highlights

Tether's USAT stablecoin supply surged 540% month-over-month to $140.8 million as of April 30, according to Deloitte's reserve report.
USAT's asset backing grew to $141.2 million from $22.2 million amid expanding institutional adoption and favorable regulatory signals in the U.S.
Despite rapid growth, USAT trails Circle's USDC at $76 billion, Paxos' PYUSD at $5.5 billion, and RLUSD at $1.7 billion in market capitalization.

Reserve report shows April expansion

As reported by Deloitte, which signed Tether’s latest reserve report published Thursday, USAT’s circulating supply reaches $140.8 million as of April 30, up from $22 million in March, marking 540% growth in one month. Assets backing the token increase to $141.2 million from $22.2 million over the same period.

Bo Hines, CEO of Tether USAT, says the increase reflects greater use across institutional treasury operations, settlement flows and regulated dollar liquidity management. He adds that the broader policy environment is moving in the right direction and that USAT is already operating in a structure institutions are seeking.

Competitive pressure in the U.S. stablecoin market

The wider stablecoin market now exceeds $300 billion in value as the sector becomes more embedded in global finance and payment rails. The GENIUS Act, which creates a federal framework for dollar-backed stablecoins, further boosts that trend by opening the door for banks, fintech firms and crypto companies to offer regulated digital dollars in the U.S.

USAT debuts in January and is issued by Anchorage Digital, the federally chartered crypto bank that partners with Tether for its U.S. expansion. Tether’s flagship USDT remains the largest U.S. dollar-pegged token globally with a market capitalization near $189 billion, and it is regulated in El Salvador.

Despite the recent jump, USAT still trails its main rivals targeting U.S. customers. Circle’s USDC has a market capitalization of about $76 billion, while PYUSD, issued by Paxos, stands near $5.5 billion and RLUSD, which debuts in December 2024, grows to roughly $1.7 billion.

In our earlier article on Circle Internet Group (CRCL) and USDC payments expansion, we covered the company’s partnership with Nium to enable USDC settlement for real-time local-currency payouts across more than 190 countries. We also noted that Circle Payments Network (CPN) was showing rapid transaction growth while CRCL’s price action remained volatile, with traders watching key technical levels for the next directional move.

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