Tether’s US-focused stablecoin USAT grew over 540% in April as regulated stablecoin demand accelerated.
Tether Stablecoin News
Tether's US-focused stablecoin USAT grew more than 540% month-over-month in April 2026. Its circulating supply rose to 140.8 million tokens from 22 million tokens in March. Those figures come from a reserve attestation signed by Deloitte and published on May 28 by issuer Anchorage Digital Bank.
Reserve assets backing the token grew at the same pace as issuance. They rose to $141,178,400 from $22.2 million in March, reflecting a $327,450 surplus over outstanding tokens. Those assets are split between $13.4 million in cash and $127.8 million in reverse repurchase agreements backed by US Treasury securities. All assets are held in segregated fiduciary trust accounts.
Tether Chief Executive Paolo Ardoino said the results point to growing institutional demand. "As stablecoin rules become clearer, institutions are going to look for digital dollars that combine scale, supervised issuance, and transparent reserve reporting," he said. Bo Hines, chief executive of Tether USAT, described the April expansion as reflecting "increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management."
USAT Designed To Meet GENIUS Act Requirements
USAT launched in January 2026 as Tether's entry into the US regulatory market. The token is designed to comply with the GENIUS Act, which mandates 1:1 reserves held in cash or high-quality liquid assets such as US Treasuries. Anchorage Digital Bank, the first federally chartered crypto-native bank regulated by the Office of the Comptroller of the Currency (OCC), serves as the token's issuer.
Tether's flagship stablecoin USDT remains the largest dollar-pegged token in the world, with a market cap near $189 billion. The firm posted net profits of $10 billion in 2025 and over $1 billion in the first quarter of 2026. Excess reserves reached a record $8.23 billion in that same quarter, according to an attestation by BDO. Earlier this year, Hines predicted Tether would likely become a top 10 US Treasury purchaser as #stablecoin issuance continues to grow.
Despite the strong April results, USAT still trails its main US-focused competitors by a wide margin. Circle's USDC holds a market cap of roughly $76 billion. PayPal's PYUSD, issued by Paxos, stands at approximately $5.5 billion. Ripple's RLUSD, which launched in December 2024, has reached roughly $1.7 billion.
The broader stablecoin market has crossed $300 billion in total value. The GENIUS Act opened the door for banks, fintech firms, and crypto companies to issue regulated digital dollars in the US. Anchorage's stablecoins-as-a-service platform has also attracted clients including Western Union, OSL Group, and Falcon Finance, extending its institutional #DeFi reach.
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