Tether’s USA₮ redeemable supply jumped nearly 540% in April as reserves climbed above $141 million, according to the stablecoin’s latest attestation report.
The report showed 140,850,950 USA₮ redeemable tokens outstanding and $141,178,400 in reserve assets as of April 30.
Anchorage Digital Bank, which manages USA₮ as a federally chartered national trust bank and qualified custodian, said reserves exceeded outstanding redeemable tokens by $327,450 as of April 30.
USA₮ redeemable tokens outstanding increased from 22.1 million in March to 140.9 million in April, adding 118.8 million tokens in one month. Reserve assets rose from $22.2 million to $141.2 million over the same period, increasing by $119 million.
The April reserve base consisted of $13.4 million in cash and $127.8 million in reverse repurchase agreements collateralized by US Treasury securities. The report states that reserve assets are held in segregated fiduciary trust accounts for the benefit of USA₮ token holders.
