Tether’s USAT Circulating Supply Jumps to About $140 Million in April

Tether’s U.S.-focused stablecoin USAT saw its circulating supply jump to about $140 million in April, representing an increase of about 540% from a month earlier, according to CoinDesk as cited by Decrypt.

Decrypt also said USAT reserves audited by Deloitte climbed to about $141.2 million in April from roughly $22.2 million in March.

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The token’s growth was framed as part of intensifying competition in the U.S. stablecoin sector, where discussions over stablecoin regulation have coincided with competition as global fintech and financial firms push into the market.

In a separate report, Traders Union said USAT’s circulating supply rises above $140 million by month-end and that Deloitte’s reserve report put USAT’s circulating supply at $140.8 million as of April 30, up from $22 million in March.

Traders Union added that USAT’s asset backing grew to $141.2 million from $22.2 million over the same period, even as it remained far smaller than rivals including Circle’s USDC, PayPal’s PYUSD and Ripple’s RLUSD.

CoinDesk reported that USAT could represent the first serious challenge to Circle’s USDC (CRCL) in the U.S. market, with analysts saying the outcome hinges on whether USAT can win over institutions.

CoinDesk quoted Noelle Acheson saying, "I believe USAT poses a threat to USDC, even though the DNA of Tether and Circle is very different," as she argued USAT is designed to compete in the same space.

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CoinDesk also described USAT as launched in partnership with the federally chartered Anchorage Digital Bank and Cantor Fitzgerald, and it said Tether’s flagship stablecoin USDT has a market cap of $186 billion.

Nicholas Roberts-Huntley, CEO of Blueprint Finance, argued that Tether’s entry into the United States underscores that "the demand for regulated-dollar tokens among banks and fintechs is real" after the GENIUS Act focused on stablecoins.

Owen Lau of ClearStreet said the risk to competitors is "manageable," adding, "It is still too early to gauge at this stage," while also noting a possible "cannibalization risk" for USDT.

TradingView said Tether’s USAt is designed to operate exclusively within the legal framework of the United States and is the first stablecoin developed under the GENIUS Act, a law passed in July 2025.

“Forecast Trend Report by Period Tether’s U”

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TradingView reported that Anchorage Digital Bank, described as a federally chartered bank, is responsible for issuing USAt, while Cantor Fitzgerald handles custody of the reserves.

It also said the launch was accompanied by an initial batch of 10 million tokens issued on the Ethereum blockchain in ERC-20 format.

TradingView added that Tether appointed Bo Hines, described as a former member of the Presidential Council on Digital Assets, to lead the project, and it said USAt is available on exchanges and crypto-purchase services including Bybit, Crypto.com, Kraken, OKX, and MoonPay.

In the same broader coverage, Decrypt said Rahman Textile produces garments for several European fashion brands—however, for crypto context, Decrypt’s headline focus remained on USAT’s 500%+ boost in circulating supply rather than any other sector.