Tether's U.S.-focused stablecoin USAT saw its market cap jump over sixfold month-over-month in April, reaching $140.8 million, according to a reserve report by Deloitte. This marks a 540% increase from $22 million in March. The reserve assets backing the token grew to $141.2 million from $22.2 million. Bo Hines, CEO of Tether USAT, attributed the growth to increased institutional use in treasury operations, settlement flows, and regulated dollar liquidity management. Despite this surge, USAT remains far behind major competitors. Circle's USDC has a market cap of approximately $76 billion, PayPal's PYUSD stands at $5.5 billion, and Ripple's RLUSD is at $1.7 billion. The broader stablecoin market has surpassed $300 billion, driven by regulatory frameworks like the GENIUS Act. USAT debuted in January through a partnership with Anchorage Digital, while Tether's flagship USDT retains a $189 billion market cap globally. The token still has significant ground to cover to compete for U.S. customers.

Key facts

• USAT's market cap reached $140.8 million in April, up 540% month-over-month.
• Reserve assets backing USAT increased to $141.2 million from $22.2 million.
• CEO Bo Hines cited institutional adoption for the growth.
• USAT lags behind USDC ($76B), PYUSD ($5.5B), and RLUSD ($1.7B).
• Stablecoin market now exceeds $300 billion, boosted by regulatory clarity.