Tether's USAT Supply Surges 540% to 140 Million Tokens in April

Tether's USAT stablecoin supply grew nearly 540% month-over-month according to an attestation released Thursday. The number of redeemable tokens increased from approximately 22 million in March to over 140 million USAT in April, with total reserve balances reaching $141,178,400—representing a $327,450 reserve surplus relative to outstanding tokens. Tether CEO Paolo Ardoino attributed the growth to U.S. policy beginning to align with market demand for regulated digital dollars, stating that "institutions are going to look for digital dollars that combine scale, supervised issuance, and transparent reserve reporting" as stablecoin rules become clearer. USAT launched in January as Tether's compliance-focused entry into the U.S. regulatory framework, issued by Anchorage Digital Bank under GENIUS Act requirements.

Reserve Composition and Compliance Structure

Anchorage Digital Bank's April attestation shows USAT reserves comprise $13,427,400 in cash and $127,751,000 in reverse repurchase agreements collateralized by U.S. Treasury securities. These assets are held in segregated fiduciary trust accounts. Anchorage Digital Bank operates as the first federally chartered crypto-native bank, regulated by the Office of the Comptroller of the Currency (OCC). The token is designed to maintain 1-1 reserves in cash or high-quality liquid cash equivalents like Treasurys to meet GENIUS Act standards.

Tether's Financial Performance

Tether recorded net profits of $10 billion in 2025 and over $1 billion in the first quarter of 2026, according to the firm's latest attestation by BDO. During the same quarter, excess reserves increased to a record $8.23 billion. Tether remains the largest stablecoin issuer globally, with its flagship USDT token representing over half the total stablecoin supply.

Market Positioning and Partnerships

USAT CEO Bo Hines stated earlier this year that Tether would likely become a top 10 U.S. Treasury purchaser driven by stablecoin growth. Anchorage's stablecoins-as-a-service business has partnered with Western Union, OSL Group, and Falcon Finance for GENIUS-compliant stablecoin issuance.