CoinDesk
Tether's U.S.-focused stablecoin USAT grew more than sixfold in April, pushing its circulating supply to $140.8 million from $22 million in March — a 540% monthly expansion per the token's latest reserve report signed by Deloitte and published Thursday. Reserve assets backing USAT rose to $141.2 million from $22.2 million, confirming the issuance isn't running ahead of collateral.
Why it matters
USAT is Tether's regulated entry point into the U.S. market, issued by Anchorage Digital under a federal bank charter. CEO Bo Hines framed the surge as institutional: "increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management." The broader setup is favorable — the GENIUS Act created a federal framework for dollar-backed stablecoins, unlocking bank, fintech, and crypto-issued regulated digital dollars, and the overall stablecoin market has crossed $300 billion.
Market impact
The growth is sharp, but the scale gap is the story. USAT's $140.8 million puts it against Circle's USDC at roughly $76 billion, PayPal's PYUSD at $5.5 billion, and Ripple's RLUSD at $1.7 billion — USAT is a fraction of a percent of USDC. Even Tether's flagship USDT, regulated in El Salvador and dominant in emerging-market payments, sits near $189 billion. The April print shows USAT can grow fast inside the U.S. rails; catching the incumbents is a multi-quarter, not a one-month, problem.
Frequently asked questions
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What is Tether USAT?
USAT is Tether's U.S.-focused stablecoin, issued by Anchorage Digital under a federal bank charter. It launched in January and targets regulated institutional use cases like treasury management and settlement flows in the U.S. market.
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How much did USAT grow in April 2026?
USAT's circulating supply grew 540% in April, rising from $22 million at the end of March to $140.8 million as of April 30, per the token's latest Deloitte-signed reserve report published Thursday.
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How does USAT compare to USDC, PYUSD, and RLUSD?
USAT at $140.8 million remains far smaller than Circle's USDC at roughly $76 billion, PayPal's PYUSD at $5.5 billion, and Ripple's RLUSD at $1.7 billion — putting USAT at a fraction of a percent of USDC's market cap.
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Why is USAT issued by Anchorage Digital?
Anchorage Digital is a federally chartered crypto bank, and Tether partnered with it to bring USAT to the U.S. market under a regulated structure. The bank charter positions USAT for compliance with the federal framework created by the GENIUS Act.
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What is the GENIUS Act and how does it affect stablecoins?
The GENIUS Act created a federal framework for dollar-backed stablecoins in the U.S., opening the door for banks, fintechs, and crypto companies to offer regulated digital dollars. It has helped push the overall stablecoin market past $300 billion in total value.
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