Stablecoin giant Tether’s U.S.-focused digital dollar token 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, 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.
The stablecoin market has grown past $300 billion in value as the sector is becoming increasingly embedded into global finance and payment rails.
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.
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, issued by Paxos, stands at about $5.5 billion. RLUSD, which debuted in 2024 December, has grown to roughly $1.7 billion.
Tether’s U.S.-Focused Stablecoin Grows Over 500% in a Month, But Still Lags Main Rivals
Tether’s new U.S.-focused stablecoin is expanding at breakneck speed, posting more than 500% growth in just one month. Yet despite the surge, it remains far behind the market’s biggest… pic.twitter.com/7sWX5cvX8d
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