Tether’s New Stablecoin Grew 540% in a Month. Here’s Why It Matters
Hey Payments Fanatic!
Tether’s newest stablecoin is growing much faster than most people expected.
USAT, the company’s U.S.-focused stablecoin, launched earlier this year with Anchorage Digital, expanded from just $22 million to more than $140 million in circulation in a single month.
That's impressive growth by any measure.
But what caught my attention wasn't the size of USAT itself. It's what the growth says about where the stablecoin market is heading.
For years, Tether dominated internationally through USDT, particularly across emerging markets. Now it's making a serious push into the U.S. at a time when regulatory clarity is improving, and institutions are becoming more comfortable with regulated digital dollars.
USAT is still tiny compared to USDC, PYUSD, and RLUSD. But the fact that it grew more than 500% in a month suggests there is real demand for another institutional-grade stablecoin player in the market.
And if you're curious about Tether's bigger picture? Keep scrolling — we've pulled the highlights from their Q1 2026 report: record reserves, a billion-dollar quarterly profit, and an expanding footprint in global finance.
Today's remaining Payments headlines are just below. 👇 See you tomorrow!
Cheers,
HOW PAYMENTS COMPANIES PERFORMED LAST WEEK
📈 Here’s how the biggest publicly traded Payments companies moved last week:
NEWS
🇫🇷 Triple-A has secured a MiCA-authorized CASP license from France’s AMF, allowing it to provide regulated digital asset services across all 30 EU and EEA member states. Combined with its Payment Institution license, the approval strengthens the company’s regulated stablecoin payment and payout capabilities in Europe.
🇳🇱 TrueLayer has acquired Dutch FinTech In3 to add consumer credit capabilities to its Pay by Bank network. The deal will enable shoppers to choose between instant bank payments and Buy Now, Pay Later options at checkout, expanding TrueLayer’s open banking payments offering across Europe.
🇹🇭 KBank and Ant International partner on cross-border payments and liquidity management in Thailand. The collaboration will combine banking services, AI-powered financial solutions, and blockchain-based settlement capabilities to support real-time USD transactions and improve treasury efficiency.
🇪🇺 ClearBank Europe has launched Digital Asset Rails, enabling programmable liquidity for cross-border settlements with 24/7 EUR payouts via SEPA Instant. The new capability connects stablecoin transfers with regulated banking infrastructure to improve liquidity efficiency and reduce prefunding needs.
🇬🇧 Nayax targets UK self-service market. The FinTech has launched VPOS Media 4 in the UK, a PIN-enabled Android payment terminal for unattended commerce. Designed for sectors such as vending, EV charging, and parking, it supports contactless and chip-and-PIN payments while enabling remote management and customer engagement.
🇮🇱 Israeli FinTech Rapyd is undergoing a restructuring expected to result in hundreds of layoffs as the company shifts toward a more AI-driven operating model. The move reflects broader industry efforts to improve efficiency amid evolving technology trends and economic pressures.
🇺🇸 Tether’s U.S.-focused stablecoin USAT grew more than 540% in April, with its market capitalization rising to over $140 million. While the growth highlights increasing institutional adoption, the token remains significantly smaller than rivals, including USDC, PYUSD, and RLUSD.
🌍 Mynt has signed agreements with Ayala, Mitsubishi, and MUFG to support the expansion of GCash, including new opportunities in lending, wealth management, and digital payments. Separately, GCash partnered with TransferGo to enable real-time remittances from the UK and Europe directly into GCash wallets.
🇳🇿 Cuscal has completed its acquisition of New Zealand payments provider Paymark, which will now operate as Cuscal Paymark. The deal expands Cuscal’s presence across Australia and New Zealand, strengthening its payments infrastructure capabilities while allowing Paymark to continue operating as a standalone business.
🇬🇧 Zilch has appointed Florence Quirici as Chief Corporate Affairs Officer, tasking her with leading the company’s public affairs and communications strategy. The appointment comes as the payments platform accelerates its international expansion. Read on
🇳🇱 Dutch payment processor Silverflow is accelerating its international expansion. The company has added a new US customer, expanded its workforce by more than 20%, and is nearing one billion annualized transactions as demand for its cloud-native payments infrastructure grows.
🌍 DigiPay Group and Belmoney launched DigiTransfer, a mobile app that enables money transfers from France and Belgium to the Republic of Congo and the DRC. The service supports transfers to mobile wallets and bank accounts within minutes, aiming to reduce remittance costs and expand digital payments in Central Africa.
🇮🇪 Payslip has secured growth financing from Salica Investments to support international expansion and further development of its AI-powered payroll platform. Payslip, which automates payroll operations across more than 125 countries, reported strong growth and continues to expand its global enterprise customer base.
GOLDEN NUGGET
When you make an 𝐨𝐧𝐥𝐢𝐧𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭, do you know how many parties are involved and who they are?
𝗟𝗲𝘁’𝘀 𝗯𝗿𝗲𝗮𝗸 𝗶𝘁 𝗱𝗼𝘄𝗻:
1️⃣ 𝐂𝐚𝐫𝐝𝐡𝐨𝐥𝐝𝐞𝐫 (𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫)
First, a customer enters their card details (PAN, expiration date, CVV) on a merchant’s website or app to buy something.
2️⃣ 𝐌𝐞𝐫𝐜𝐡𝐚𝐧𝐭
The merchant collects card info via a checkout form and sends a payment request—including order details, amount, and currency—to a Payment Orchestrator.
3️⃣ 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐨𝐫/𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 (e.g. Solidgate)
The Payment Orchestrator links merchants and providers, routing transactions efficiently by validating card data, choosing optimal acquirers, handling retries, and managing 3DS if needed.
4️⃣ 𝐀𝐜𝐪𝐮𝐢𝐫𝐞𝐫 (e.g. Adyen, Worldpay)
The acquirer enables card payments by receiving and forwarding requests through card schemes, acting as the merchant, and settling funds once authorized.
5️⃣ 𝐂𝐚𝐫𝐝 𝐒𝐜𝐡𝐞𝐦𝐞 (Visa, Mastercard)
Card schemes serve as the “payment rails” linking acquirers and issuers, routing transactions via the card BIN and performing risk, fraud, and compliance checks.
6️⃣ 𝐈𝐬𝐬𝐮𝐞𝐫’𝐬 𝐁𝐚𝐧𝐤 (e.g. 𝐂𝐡𝐚𝐬𝐞, 𝐁𝐚𝐫𝐜𝐥𝐚𝐲𝐬)
The cardholder’s bank steps in to do a quick background check: Is the card real? Are there enough funds or credit? Does anything look suspicious?
If all’s clear, it gives the green light with an authorization code. If not, it shuts it down with a reason.
The merchant gets the answer—approved or declined—and if it’s a yes, the order moves ahead. The actual money follows behind, settling in the next couple of business days.
🔁 𝗧𝗵𝗲 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗙𝗹𝗼𝘄: Cardholder → Merchant → Orchestrator → Acquirer → Scheme → Issuer → Scheme → Acquirer → Orchestrator → Merchant
💵 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝘁𝗶𝗺𝗲 can range from 𝟭 𝘁𝗼 𝟯𝟬 𝗱𝗮𝘆𝘀, depending on:
► Payment method: Cards settle faster than bank transfers or ACH.
► Acquirer/Processor: Some process payments quicker than others.
► Card scheme: Visa, Mastercard, Amex vary, especially for cross-border transactions.
► Country & currency: International payments take longer due to conversions and regulations.
► Merchant account type: High-risk or new merchants may face delays from compliance checks.
► Transaction type: Refunds, chargebacks, and disputes take longer.
► Weekends/holidays: Most banks and processors don’t settle payments during these times.
► Clearing time: Depends on the bank’s processing speed.
Source: Solidgate
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