USDT briefly took over ETH as the second-largest cryptocurrency by market capitalization, according to recent data. Tether's market cap surged to around $191.5 billion, surpassing Ethereum's near $187.5 billion during this short-lived crossover.
The brief flip occurred when ETH experienced a 5% decline in value, causing its market cap to drop below that of USDT. This rare moment marked a significant shift in the crypto market structure, where Tether has grown into the largest dollar-pegged asset used across centralized exchanges, DeFi markets, and cross-chain settlement.
Ethereum later regained its second-place position, but this temporary flip highlighted how quickly the ranking can change when ETH's price drops and USDT's stablecoin supply remains elevated. Tether's size has also become a key measure of crypto liquidity, with its transparency data tracking issued supply across supported networks.