Tether's USAT stablecoin surges 540% in April, trails USDC and PYUSD
In brief
- USAT circulating supply reached $140.8M on April 30, up from $22M in March
- Token posted 540% monthly growth with reserve assets rising to $141.2M
- USAT trails USDC ($76B), PYUSD ($5.5B), and Tether's USDT ($189B)
Rapid ramp-up in April
USAT's circulating supply hit $140.8 million as of April 30, up from just $22 million in March. Reserve assets backing the token rose to $141.2 million from $22.2 million in March. The growth reflects institutional appetite for stablecoins that operate under a federal banking framework, according to Bo Hines, CEO of Tether USAT.
"The growth reflects increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management," Hines said.
The broader policy environment is shifting in Tether's favor. Hines added that USAT is "already operating in the kind of structure that institutions are asking for" — a reference to the emerging federal regulatory clarity around stablecoins.
Still far behind the leaders
The surge is real, but context matters. Tether's flagship stablecoin USDT remains the largest U.S. dollar-pegged token globally with a market capitalization near $189 billion. Circle's USDC token has a market capitalization of roughly $76 billion. PayPal's PYUSD stands at about $5.5 billion, and Ripple's RLUSD, which debuted in December 2024, has grown to roughly $1.7 billion.
USAT's $140 million sits between PYUSD and RLUSD. Even so, the token's trajectory signals where institutional capital is moving. The stablecoin market has grown past $300 billion in value, and regulatory clarity — including frameworks like the GENIUS Act — is making it easier for banks and institutions to issue and hold these tokens.
