Tether’s U.S.-focused stablecoin USAT hits $140.8 million in market cap, driven by institutional demand for dollar liquidity.
Tether’s U.S.-focused stablecoin USAT saw its market capitalization jump to $140.8 million in April, a 540% increase from March’s $22 million. The growth reflects rising institutional adoption for treasury management and regulated dollar liquidity, according to the company’s latest reserve report.
Despite the surge, USAT remains significantly smaller than competitors like Circle’s USDC ($76 billion), PayPal’s PYUSD ($5.5 billion), and Ripple’s RLUSD ($1.7 billion). Reserve assets backing USAT rose to $141.2 million from $22.2 million, per the report verified by Deloitte.
Tether USAT CEO Bo Hines attributed the expansion to a favorable policy environment and increased use in settlement flows. The token, launched in January, targets U.S. customers but still trails rivals in scale.