Tether's U.S.-focused stablecoin grows over 500% in a month, but still lags main rivals

USAT's market cap jumped above $140 million in April, though it remains well behind Circle's USDC, PayPal's PYUSD and Ripple's RLUSD tokens. What to know : Tether’s U.S.-focused stablecoin USAT grew more than sixfold in April to $140.8 million, the token's latest reserve report shows. Tether USAT's chief executive said the surge reflects growing institutional use for treasury management, settlements and regulated dollar liquidity. Launched in January, USAT remains far smaller than its rivals targeting U.S. customers, including Circle's $76 billion USDC, PayPal's $5.5 billion PYUSD and Ripple's $1.7 billion RLUSD.