Tether USAT Stablecoin Records Rapid Growth in U.S. Market In April

Tether’s U.S.-focused stablecoin, USAT, posted strong growth in April, with its market capitalization rising more than 500% in just one month. Despite the sharp increase, the token still remains far behind larger competitors in the regulated stablecoin market.

According to Tether’s latest reserve report, USAT’s circulating supply increased to $140.8 million by April 30, up significantly from $22 million in March. Reserve assets supporting the token also climbed to $141.2 million, reflecting growing activity around the stablecoin.

Institutional Demand Drives USAT Expansion

Tether executives said the growth was fueled by rising institutional demand for treasury operations, payment settlements and regulated digital dollar liquidity. The company believes changing U.S. regulations are creating a stronger environment for stablecoin adoption among financial firms.

USAT launched in January through a partnership with Anchorage Digital, a federally chartered crypto bank, to strengthen Tether’s presence in the United States.

USAT Still Behind Major Stablecoin Competitors

Even after rapid growth, USAT remains much smaller than competitors targeting U.S. customers. USDC currently leads with around $76 billion in market value, while PayPal’s PYUSD stands near $5.5 billion and Ripple’s RLUSD has grown to roughly $1.7 billion.

The broader stablecoin market has now surpassed $300 billion, supported by growing use in payments, finance and digital asset trading.