TechFlow reports that, according to The Block, Tether’s stablecoin USAT saw its circulation increase to over 140 million tokens in April—up nearly 540% from approximately 22 million tokens in March. During the same period, its total reserves rose to $141,178,400, exceeding the outstanding token supply by $327,450.
USAT launched in January this year and is issued by Anchorage Digital Bank, designed to comply with the GENIUS Act’s requirement for 1:1 backing. The latest attestation shows its reserves consist of $13,427,400 in cash and $127,751,000 in reverse repurchase agreements collateralized by U.S. Treasury securities.
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