US Regulated Stablecoin Surpasses Parent's Growth with 540% Month-Over-Month Expansion

Tether's US-regulated stablecoin, USAT, has experienced explosive growth since its launch in January. From an initial supply of $10 million to a circulation value of over $140.8 million by April 30, this represents a staggering 540% month-over-month expansion. Anchorage Digital Bank issues the token, and Cantor Fitzgerald serves as designated reserve custodian and primary dealer.

The growth story is even more remarkable when considering that USAT remains an extremely small player in the stablecoin market, making up only 0.08% of its parent company's outstanding dollar liabilities. While its parent, USDT, has contracted by around $6 billion over sixty days, USAT continues to grow.

One key aspect of this story is the compliance structure surrounding USAT. As a federally chartered bank, Anchorage Digital Bank issues the token under federal supervision, which is precisely what Tether's offshore parent cannot currently replicate. This means that USAT publishes reserve reports signed by Deloitte, while its parent operates on attestations rather than full audits.