USDT Briefly Overtakes Ethereum by Fully Diluted Valuation Amid Bear Market

The Ethereum price slump allowed USDT to briefly overtake ETH by fully diluted valuation as Ethereum fell to its lowest price of 2026. This unexpected shift puts stablecoin demand in focus during another weak session for the wider crypto market.

Market data showed that USDT's fully diluted valuation was near $191.5 billion, above ETH's roughly $189.3 billion. However, Ethereum later reclaimed its #2 spot by market capitalization, while Tether remained third by circulating market value.

The brief flip shows how close the two assets have become during the latest downturn. The gap closed as ETH fell more than 5% over 24 hours, trading near support levels last seen in October 2023 and April 2025.