Tether's U.S.-focused stablecoin grows over 500% in a month, but still lags main rivals

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Tether's U.S.-focused stablecoin grows over 500% in a month, but still lags main rivals USAT's market cap jumped above $140 million in April, though it remains well behind Circle's USDC, PayPal's PYUSD and Ripple's RLUSD tokens. By Krisztian Sandor | Edited by Stephen Alpher May 28, 2026, 6:53 p.m. 2 min read Make preferred on Tether CEO Paolo Ardoino at White House What to know : Tether’s U.S.-focused stablecoin USAT grew more than sixfold in April to $140.8 million, the token's latest reserve report shows. Tether USAT's chief executive said the surge reflects growing institutional use for treasury management, settlements and regulated dollar liquidity. Launched in January, USAT remains far smaller than its rivals targeting U.S. customers, including Circle's $76 billion USDC, PayPal's $5.5 billion PYUSD and Ripple's $1.7 billion RLUSD. 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 $ 0.9999 , issued by Paxos, stands at about $5.5 billion. RLUSD $ 0.9992 , which debuted in 2024 December, has grown to roughly $1.7 billion. Stablecoins Tether Anchorage Digital More For You UniCredit warns Europe may struggle to contain crypto-bank crisis under MiCA rules By Francisco Rodrigues | Edited by Nikhilesh De 2 hours ago EU deposit insurance (up to €100,000) may not absorb stress from large stablecoin reserve accounts, unlike the full protection offered by U.S. regulators. What to know : Europe lacks crisis tools used by the U.S. to contain crypto-bank shocks, raising concerns about its ability to handle future financial turmoil. EU deposit insurance (up to €100,000) may not absorb stress from large stablecoin reserve accounts, unlike the full protection offered by U.S. regulators. MiCA forces stablecoin providers to... Read full story Latest Crypto News Bitwise bets Hyperliquid could power future finance as HYPE ETFs gain traction 19 minutes ago Hyperliquid's pre-IPO SpaceX contracts suffers 45% flash crash, liquidating $1.5 million 1 hour ago UniCredit warns Europe may struggle to contain crypto-bank crisis under MiCA rules 2 hours ago Toddlers learn by falling: Why DeFi's $20 billion TVL drop is just a market stress-test 2 hours ago Sui blockchain suffers another network outage as transactions grind to a halt 2 hours ago Bitcoin pinned below $73,000 despite potential U.S.-Iran deal news 3 hours ago Top Stories Asset manager Grayscale delays IPO plans as crypto listing boom loses steam 5 hours ago What's next as hot money cycle has gone from crypto to gold to AI to memory 5 hours ago 'Debasement trade’ falls out of favor as inflation fears cool, JPMorgan says 5 hours ago Bitcoin drops below $73,000 as U.S. strikes on Iran spark $1 billion liquidations 14 hours ago White House reviews CFTC prediction-market rule as Trump backs federal control 9 hours ago Samsung units to buy $408 million stake in South Korea’s biggest crypto exchange 7 hours ago In this article PYUSD PYUSD $ 0.9999 ◢ 0.01 % RLUSD RLUSD $ 0.9992 ◢ 0.02 %