Tether’s USDT Market Cap Reaches $186 Billion, Overtaking Ethereum for No. 2 Spot

Tether’s stablecoin USDT reached a market capitalization of $186 billion, surpassing Ethereum to become the second-largest cryptocurrency by market value. According to Odaily, Ethereum’s market cap fell below $185 billion after its price dropped 5.2% over the past 24 hours, with ETH briefly declining to $1,510. Stablecoins currently account for nearly 15% of the total cryptocurrency market capitalization. 21Shares said stablecoin supply fell more than 30% during the previous bear market, but has reached a record high in the current cycle. Circle’s USDC also surpassed Ripple’s XRP by market capitalization. XRP’s market cap fell to $64 billion, while USDC’s market cap stood at $73.6 billion.