In April, stablecoin giant Tether's $USAT digital dollar token, $USAT, which targets the U.S. market, grew more than sixfold compared to the previous month, but still lags significantly behind its peers.

As of April 30, according to the latest reserve report, signed by Deloitte and published Thursday, the token's circulating supply reached $140.8 million, up from $22.0 million in March and representing a 540% month-on-month increase. According to the report, reserve assets backing the token grew to $141.2 million from $22.2 million in March.

Bo Hines, CEO of Tether $USAT, stated that "the growth reflects expanded use in institutional treasury operations, settlement flows, and the management of regulated dollar liquidity." "The overall policy environment is moving in the right direction, and $USAT is already operational within the framework requested by institutions," he added.

The stablecoin market has grown to over $300 billion as the sector becomes increasingly integrated into global financial and payment systems. The GENIUS Act, which created a federal framework for dollar-backed stablecoins, further accelerated this trend, opening the door for banks, fintech, and cryptocurrency companies to offer regulated digital dollars in the US.

$USAT debuted in January and is issued by Anchorage Digital, a federally funded cryptocurrency bank with which Tether is partnering to expand into the US market. Tether's flagship stablecoin ($USDT) remains the largest token pegged to the US dollar in the world, with a market capitalization of approximately $189 billion. $USDT is regulated in El Salvador and is widely used in emerging markets for payments, savings, and trading.

Despite a surge in growth last month, $USAT still has a long way to go to catch up with its main competitors, which target American customers.

The market capitalization of Circle's USDC token is approximately $76 billion, while Paxos's PYUSD is valued at approximately $5.5 billion. RLUSD, which debuted in December 2024, has risen to approximately $1.7 billion.

Source: https://cryptonews.net/ru/news/altcoins/32936452/

US-focused stablecoin Tether has surged more than 500% in a month, but still lags its major rivals.