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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.
May 28, 2026, 6:53 p.m. 2 min read
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.
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.
