Tether’s USAT Stablecoin Sees Significant Growth Yet Trails Competitors
- Tether’s U.S.-focused stablecoin, USAT, grew over sixfold in April, reaching a circulating supply of $140.8 million.
- The reserve assets backing USAT increased to $141.2 million from $22.2 million in March.
- The overall stablecoin market surpassed $300 billion, supported by the GENIUS Act for dollar-backed stablecoins.
- USDT remains the largest U.S. dollar-pegged token with a market cap near $189 billion.
- Circle’s USDC has a market capitalization of approximately $76 billion, while Paxos’ PYUSD is around $5.5 billion.
Despite a remarkable growth rate of over 540% in April, Tether’s USAT still significantly lags behind its main competitors like Circle’s USDC and Paxos’ PYUSD in terms of market capitalization.
With a current supply of $140.8 million, USAT is positioned within an expanding stablecoin sector but must catch up to larger rivals such as USDC with about $76 billion in market cap.(Source)
