Tether’s U.S. Stablecoin USAT Grows More Than 540% in April

Tether launched USAT as a dollar-pegged stablecoin for the U.S. market, seeking to expand into regulated payments and digital-asset applications. Competition in the U.S. stablecoin market is intense, with Circle’s USDC, PayPal’s PYUSD and Ripple’s RLUSD already commanding much larger circulating supplies. That has put USAT’s growth in the spotlight.

USAT’s circulating supply surpassed $140 million in April, rising more than 540% during the month and signaling a sharp near-term increase in market adoption. Even after growing more than fivefold in one month, however, it remains far smaller than the leading stablecoins issued by Circle, PayPal and Ripple and has yet to alter the U.S. market’s competitive landscape.