USAT supply jumps 540% in April, Deloitte reports

The circulating supply of Tether's U.S.-focused stablecoin, USAT, grew by approximately 540% in April 2026, according to an attestation report signed by Deloitte and published on Thursday. The token's supply increased from 22 million in March to 140.8 million by the end of April, while total reserves backing the token rose to 141.2 million, creating a surplus of $327,450.

The report was published by Anchorage Digital Bank, the federally chartered crypto institution regulated by the Office of the Comptroller of the Currency that issues USAT. The reserves are held in segregated fiduciary trust accounts and consist of $13.4 million in cash and $127.7 million in reverse repurchase agreements collateralized by U.S. Treasury securities.

Tether executives attributed the surge to growing institutional interest. CEO Paolo Ardoino stated the growth reflects accelerating adoption as U.S. policy evolves. He said institutions are increasingly seeking digital dollars that combine scale, supervised issuance, and transparent reserve reporting. Bo Hines, CEO of Tether USAT, said the expansion reflects increased use across institutional treasury operations, settlement flows, and regulated dollar...