Tether’s U.S.-focused stablecoin grows 500% in a month, but still lags Circle, Ripple, Paypal

Stablecoin giant Tether’s U.S.-focused digital dollar token USAT (USAT) expanded more than sixfold month-over-month in April, it still lags far behind its rivals.

According to the latest reserve report signed by Deloitte and published Thursday, the token’s circulating supply hit $140.8 million as of April 30, up from $22 million in March and posting a 540% growth in a 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 across institutional treasury operations, settlement flows, and regulated dollar liquidity management.”

“The broader policy environment is moving in the right direction, and USAT is already operating in the kind of structure that institutions are asking for,” he added.

The stablecoin market has grown past $300 billion in value as the sector is becoming increasingly embedded into global finance and payment rails. The GENIUS Act, which created a federal framework for dollar-backed stablecoins, further boosted that trend, opening the door for banks, fintech firms and crypto companies to offer regulated digital dollars in the U.S.

USAT debuted in January and is issued by Anchorage Digital, the federally chartered crypto bank that Tether partnered with to expand into the U.S. market. Tether’s flagship stablecoin, USDT, remains the largest U.S. dollar-pegged token globally with a market capitalization near $189 billion. USDT is regulated in El Salvador and is widely used in emerging markets for payments, savings and trading.

Despite last month’s spur of growth, USAT still has a lot to catch its main rivals that eye U.S. customers.

Circle’s USDC token has a market capitalization of roughly $76 billion, while PYUSD$1.0000, issued by Paxos, stands at about $5.5 billion. RLUSD$0.9992, which debuted in 2024 December, has grown to roughly $1.7 billion.