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Deloitte Attestation Shows Tether’s USAT Jumped to $140.8 Million

The attestation signals growing institutional demand for USAT under new U.S. rules that make supervised digital-dollar issuance possible

Tether's u.s. focused stablecoin grows over 500% in a month, but still lags main rivals
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Overview

  • A Deloitte-attested reserve report published late May shows USAT’s circulating supply rose to $140.8 million and reserves to $141.2 million, a roughly 540% increase from March levels.
  • Tether and Anchorage Digital say the surge reflects institutional use for treasury operations, settlement flows, and regulated dollar liquidity management.
  • USAT is issued through Anchorage Digital, a federally chartered crypto bank, and was designed to operate under the GENIUS Act’s federal framework for dollar-backed stablecoins.
  • Despite the April spike, USAT is still tiny compared with major U.S.-focused tokens such as Circle’s USDC, PayPal’s PYUSD, and Ripple’s RLUSD, and far below Tether’s global USDT.
  • The broader stablecoin market has topped $300 billion, raising concentration and liquidity concerns for regulators and making reserve attestations and bank partnerships central to trust and further institutional adoption.