CoinDesk
Tether's U.S.-focused stablecoin USAT posted a 540% month-over-month surge in April, with circulating supply climbing from $22 million to $140.8 million as of April 30. The figures come from a reserve report signed by Deloitte, which also confirmed backing assets rose to $141.2 million — slightly above the token's supply, indicating a fully over-collateralised position.
Bo Hines, CEO of Tether USAT, attributed the growth to institutional demand: treasury operations, settlement flows, and regulated dollar liquidity management. USAT is issued by Anchorage Digital, the federally chartered crypto bank Tether partnered with to establish a compliant U.S. footprint. Hines noted that the GENIUS Act's federal framework for dollar-backed stablecoins is already aligning with USAT's structure.
Despite the explosive early growth, USAT remains a minor player against entrenched rivals.
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