@tether's US-regulated stablecoin @usat recorded one of the sharpest growth spurts in the short history of compliant digital dollars. Its redeemable supply climbed to 140.85 million tokens in April, up from 22.1 million in March, a nearly 540% increase in a single month. Reserves moved in lockstep, reaching $141.2 million and exceeding outstanding tokens by $327,450, according to the latest attestation from Anchorage Digital Bank.

The momentum has continued into May. Current supply sits at around 157.6 million tokens per CoinMarketCap, implying roughly 13 million additional tokens minted since the April attestation was published.

From Launch to Institutional Use

USAT was announced on September 12, 2025, the same week the GENIUS Act came into force, and went live on Ethereum on January 27, 2026. It is issued directly by Anchorage Digital Bank, which operates under the supervision of the Office of the Comptroller of the Currency, distinguishing it from Tether's flagship USDT token, which is not legally available to US customers.

While USDT remains the dominant liquidity source in global crypto markets, Tether has faced years of scrutiny regarding its offshore status and reserve transparency. By partnering with Anchorage, Tether is attempting to bridge the gap with US regulators and institutions that require a domestic alternative.

Tether CEO Paolo Ardoino framed the jump as "regulated digital dollar adoption accelerating at exactly the moment US policy is beginning to catch up with market demand." Bo Hines, CEO of Tether USAT, attributed the growth to "institutional treasury operations, settlement flows, and regulated dollar liquidity management."

Hines has also said USAT could become one of the top buyers of US Treasury bills this year as demand for its dollar-backed tokens grows. Reserve assets consist of US dollar cash and reverse repurchase agreements collateralized by US Treasury securities, held in segregated fiduciary trust accounts.

A Regulated Counterpart to USDT

Tether did not migrate USDT to comply with US stablecoin law. Instead, the company split its product line: USDT continues to operate globally with roughly $189 billion in circulation as of early 2026, while USAT serves the US institutional and regulated-DeFi market.

USAT's debut followed the passage of the GENIUS Act, a framework for stablecoins requiring companies operating in the US to abide by reserve requirements that do not align with Tether's $183 billion stablecoin, which is partially backed by Bitcoin and gold. The April supply surge suggests @usat is moving decisively from launch phase into active institutional use.

Sources:
The Block: Anchorage releases first USAT reserve attestation
CoinDesk: Tether debuts federally regulated USAT stablecoin via Anchorage Digital
Anchorage Digital: Official USAT launch announcement