Tether’s U.S.-targeted stablecoin has experienced a remarkable growth of over 500% in the last month, but it still falls short compared to its main competitors.

The market capitalization of Tether’s USAT token surpassed $140 million in April, though it lags significantly behind Circle’s USDC, PayPal’s PYUSD, and Ripple’s RLUSD tokens.

Key Points:

— Tether’s U.S.-focused stablecoin, USAT, increased more than six times in April, reaching $140.8 million, as indicated by the latest reserve report.

— The CEO of Tether USAT stated that this surge signifies an increasing institutional demand for treasury management, settlements, and regulated dollar liquidity.

— Introduced in January, USAT is still considerably smaller than its rivals that cater to U.S. customers, including Circle’s $76 billion USDC, PayPal’s $5.5 billion PYUSD, and Ripple’s $1.7 billion RLUSD.

The stablecoin giant Tether’s U.S.-focused digital dollar token, USAT, saw a month-over-month expansion of more than sixfold in April, yet it still trails significantly behind its competitors.

As per the latest reserve report, which was signed by Deloitte and released on Thursday, the circulating supply of the token reached $140.8 million by April 30, an increase from $22 million in March, marking a 540% growth within a month. The reserve assets supporting the token rose to $141.2 million from $22.2 million in March, according to the report.

Bo Hines, the CEO of Tether USAT, mentioned that this growth reflects «growing utilization across institutional treasury operations, settlement flows, and regulated dollar liquidity management.»

«The overarching policy framework is progressing positively, and USAT is already functioning within the structure that institutions are seeking,» he added.

The stablecoin market has surpassed $300 billion in valuation as the sector becomes increasingly integrated into global finance and payment infrastructures. The GENIUS Act, which established a federal framework for dollar-backed stablecoins, has further propelled this trend, enabling banks, fintech firms, and crypto companies to provide regulated digital dollars in the U.S.

USAT was launched in January and is issued by Anchorage Digital, the federally chartered crypto bank that Tether partnered with to penetrate the U.S. market. Tether’s flagship stablecoin, USDT, remains the largest U.S. dollar-pegged token worldwide, with a market cap nearing $189 billion. USDT is regulated in El Salvador and is widely utilized in emerging markets for payments, savings, and trading.

Despite last month’s significant growth, USAT still has a considerable gap to bridge to catch up with its primary rivals targeting U.S. customers. Circle’s USDC token boasts a market capitalization of approximately $76 billion, while…