Tether USAT stablecoin supply jumps 540% in April, still trails rivals

Tether's US-focused stablecoin USAT saw its circulating supply surge more than sixfold in April, reaching $140.8 million, according to a reserve report signed by Deloitte and published Thursday. The supply grew from $22 million in March, a 540% increase, while reserve assets backing the token rose to $141.2 million from $22.2 million. Bo Hines, CEO of Tether USAT, attributed the growth to "increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management," adding that the broader policy environment is moving favorably.

Despite the rapid expansion, USAT remains a tiny player in the stablecoin market, which is dominated by Tether's own USDT (over $100 billion in circulation) and Circle's USDC (over $50 billion). The growth of USAT reflects Tether's strategy to capture demand for a US-regulated stablecoin, particularly amid evolving US crypto policy. For traders, the rise of alternative stablecoins can influence liquidity dynamics across exchanges, as stablecoin supply often correlates with buying power in crypto markets. Traders can monitor real-time stablecoin supply changes on NowPrice's live crypto dashboard to gauge market sentiment.

Looking ahead, the key question is whether USAT can sustain its growth trajectory and gain meaningful market share. Regulatory clarity in the US could be a catalyst, but competition from established players is intense. The next reserve report, expected in May, will show if April's momentum continues. Traders should also watch for any shifts in USDT or USDC supply, as those remain the primary drivers of crypto market liquidity.