Tether's USAT Stablecoin Surges Over 500% in April, Yet Trails Competitors

Tether's U.S.-targeted stablecoin, USAT, has seen an impressive growth of more than 500% in April, reaching a market cap of $140.8 million. However, it still falls significantly short of its competitors.

USAT's Market Capitalization Exceeds $140 Million, But Lags Behind USDC, PYUSD, and RLUSD

By Krisztian Sandor | Edited by Stephen Alpher May 28, 2026, 6:53 p.m. 2 min read

Key Highlights:

• The U.S.-focused stablecoin USAT from Tether surged to $140.8 million in April, up from $22 million the previous month, as per the latest reserve report.
• The CEO of Tether USAT stated that this growth is indicative of increasing institutional demand for treasury management, settlement processes, and regulated dollar liquidity.
• Since its launch in January, USAT remains much smaller than its main competitors targeting U.S. users, such as Circle's USDC at $76 billion, PayPal's PYUSD at $5.5 billion, and Ripple's RLUSD at $1.7 billion.

The U.S.-focused digital dollar token USAT (USAT) from Tether experienced significant growth in April, expanding over sixfold month-on-month, yet it still lags behind its rivals in the market.

As indicated in the latest reserve report verified by Deloitte, the token's circulating supply reached $140.8 million by April 30, marking a 540% increase from March's $22 million. The reserve assets backing USAT also rose to $141.2 million from $22.2 million during the same period.

Bo Hines, the CEO of Tether USAT, commented that this increase reflects "increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management."

He further noted, "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."

The stablecoin market overall has surpassed $300 billion as its relevance in global finance continues to grow, aided by the GENIUS Act, which establishes a federal framework for dollar-backed stablecoins. This legislation has paved the way for banks, fintech firms, and cryptocurrency companies to provide regulated digital dollars in the U.S.

USAT launched in January and is issued by Anchorage Digital, a federally chartered crypto bank with which Tether has partnered to enter the U.S. market. Tether's leading stablecoin, USDT, remains the largest U.S. dollar-pegged token globally, boasting a market capitalization of nearly $189 billion. USDT is regulated in El Salvador and is extensively utilized in emerging markets for payments, savings, and trading.

Despite the remarkable growth last month, USAT still has a considerable gap to close to catch up with its main competitors targeting U.S. customers.

Circle's USDC has a market capitalization around $76 billion, while PayPal's PYUSD$0.9997 stands at approximately $5.5 billion. Ripple's RLUSD$0.9991, which launched in December 2024, has also seen growth, reaching about $1.7 billion.