Tether’s American twin grew 540%. It is still 0.08%

USAT went from $22 million to $140.8 million in a single month, the fastest growth of any regulated dollar token this year. In the same window, its offshore parent shed roughly six billion. One of those numbers is a rounding error on the other, and the gap between them is the most interesting structure in stablecoins. Summary USAT, Tether’s US-regulated stablecoin, launched in January with a $10 million initial supply, reached $17.6 million by January 31, $22 million in March, and $140.8 million by April 30, a 540% month-over-month expansion confirmed in a Deloitte-signed reserve report. It remains minuscule in context: roughly 0.08% of USDT’s circulation, about 8% of Ripple’s RLUSD, 2.5% of PayPal’s PYUSD, and under 0.2% of Circle’s USDC. The parent moved the other way, with USDT contracting from a May peak near $190 billion to roughly $184 billion in late July, a drawdown of about $6 billion over sixty days. The structure is unusual: Anchorage Digital Bank issues the token, Cantor Fitzgerald custodies reserves as primary dealer, and the US entity is led by the former executive director of the White House Crypto Council. The disclosure runs backwards from expectations, with the sm...