Tether’s U.S.-focused stablecoin USAT (CRYPTO: $USAT) grew more than 500% month-over-month in April.
According to the latest reserve report from accounting firm Deloitte, the digital U.S. dollar’s circulating supply reached $140.8 million U.S. as of April 30 this year.
That’s up 540% from $22 million U.S. at the end of March.
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Privately held Tether, which is based in El Salvador, said the growth reflects “increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management.”
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar.
The stablecoin market has grown to surpass $300 billion U.S. in value as the sector becomes increasingly embedded in global finance.
Tether’s USAT stablecoin that is pegged one-to-one to the U.S. dollar debuted in January of this year and is issued by Anchorage Digital, the federally chartered crypto bank.
Tether’s flagship stablecoin, USDT (CRYPTO: $USDT), remains the largest U.S. dollar-pegged token globally with a market capitalization of $189 billion U.S.
Despite last month’s massive growth, the relatively new USAT stablecoin still lags behind its rivals.
Circle Internet Group’s (NYSE: $CRCL) USDC token (CRYPTO: $USDC) has a market capitalization of roughly $76 billion U.S.
Tether is privately held and its stock doesn’t trade on a public exchange.
