Tether’s USAT Gains Traction in U.S. Market, but Share Still Trails Rivals

Tether’s U.S.-focused, regulation-compliant stablecoin USAT is growing სწრაფly, but its market share remains limited compared with rivals, an analysis showed. The market is closely watching intensifying competition in the U.S. stablecoin sector.

CoinDesk reported on May 28 that USAT’s market capitalization rose to about $140 million in April. That represented an increase of about 540% from a month earlier.

USAT reserves audited by Deloitte also climbed to about $141.2 million in April from roughly $22.2 million in March, according to the report.

Even so, CoinDesk said USAT still trails rival stablecoins by a wide margin, including Circle’s USDC, PayPal’s PYUSD and Ripple’s RLUSD.

In the U.S., discussions over stablecoin regulation have coincided with growing competition as global fintech and financial firms push into the market. Market participants are focused on regulatory compliance and reserve transparency as potential key factors in the next phase of stablecoin competition.