Tether's new stablecoin USAT lags competitors despite growth

Tether's new U.S.-focused, regulation-compliant stablecoin, USAT, is showing significant growth but still lags far behind competitors like Circle's USDC, CoinDesk reported. The media outlet noted that USAT's market capitalization grew to $140 million as of April, a roughly 540% increase in a single month. Its reserves, audited by Deloitte, also rose from $22.2 million in March to $141.2 million in April. Despite this growth, USAT's market cap remains considerably smaller than that of its rivals, which include USDC, PYUSD, and RLUSD.