Tether, the issuer of USDT, the largest dollar based stablecoin by market cap at $184 billion, also issues USA₮ via Anchorage Digital. This is a move by Tether to please the regulatory overlords as it is managed by a federally chartered bank.
Today, a report was distributed by USA₮ regarding its growth going from 22 million stablecoins to over 156 million an approximately 600% increase in around 2 months.
The attestation report states that an increase of 15,665,564 USA₮ from April’s 140,850,950.
Total reserves were reported at $157,033,006, increasing by $15.8 million in a month
Reserves are now said to exceed outstanding tokens by $516,492 an increase from April’s $327,450 surplus.
USA₮ was designed to adhere to US law. The advent of the GENIUS Act provides a regulatory framework for “payment stablecoins.”
Tether states that USA₮ is designed to drive US leadership in the digital asset economy while providing strong governance and utility.
The second largest dollar based stablecoin is USDC issued by Circle with a market cap of around $73 billion.
