Tether’s USA₮ supply grew nearly 540% month-over-month.
According to an attestation on Thursday, the number of redeemable tokens increased sixfold to over 140 million USAT in April from about 22 million tokens in March. The total reserve balance grew alongside this supply to hit $141,178,400, indicating a $327,450 reserve surplus relative to the number of outstanding tokens.
"The April report shows regulated digital dollar adoption accelerating at exactly the moment U.S. policy is beginning to catch up with market demand," Tether CEO Paolo Ardoino said. "USA₮ redeemable tokens outstanding increased nearly 540% month-over-month, with reserves growing alongside issuance.
"As stablecoin rules become clearer, institutions are going to look for digital dollars that combine scale, supervised issuance, and transparent reserve reporting," Ardoino said.
USA₮ launched in January as Tether’s attempt to enter the U.S. regulatory perimeter. Tether is the largest stablecoin issuer, with its flagship USDT token, popular globally, representing well over half the total stablecoin supply.
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Tether’s (USAT) is meant to comply with GENIUS Act requirements, including maintaining 1-1 reserves in cash or high-quality, liquid cash equivalents like Treasurys. The token is issued by Anchorage Digital Bank, the first federally chartered crypto-native bank, regulated by the OCC.
Anchorage’s latest attestation shows that USAT’s 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.
Tether is among the more successful crypto companies. The firm earned net profits of $10 billion in 2025, and over $1 billion in the first quarter of 2026, the same quarter its excess reserves had increased to a record $8.23 billion, according to the firm’s latest attestation by BDO.
Earlier this year, USAT CEO Bo Hines predicted that Tether would likely become a “top 10” U.S. Treasury purchaser on the back of the growth in stablecoins.
Anchorage's stablecoins-as-a-service business has also been tapped by Western Union, OSL Group, and most recently, Falcon Finance.
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