Tether overtakes Ether after market slide

• Tether's USDt has become the second-largest cryptocurrency by market capitalisation after Ether fell to its lowest price of 2026.
• Ether's market value dropped below US$185 billion as ETH fell to around US$1,510, allowing USDt to move ahead with a market capitalisation of about US$186 billion.
• The shift reflects continued growth in stablecoin adoption while some companies continue accumulating Ether during the market downturn.

Tether (CRYPTO:USDT) became the second-largest cryptocurrency by market capitalisation after Ether (CRYPTO:ETH) fell about 5.2% over 24 hours to around US$1,510, reducing its market value to below US$185 billion.

USDt's market capitalisation reached approximately US$186 billion, allowing the stablecoin to move ahead of Ether as stablecoins continued increasing their share of the overall cryptocurrency market.

“The stablecoin overtake really highlights how the market still favors stability over ETH’s volatility right now,” said Bitrue Research Institute Research Lead Andri Fauzan Adziima.

Stablecoins now account for almost 15% of the total cryptocurrency market capitalisation, while research from 21Shares noted that stablecoin supply has continued reaching record highs instead of declining as it did during previous bear markets.

Despite the recent decline, some institutional investors continued accumulating Ether, with SharpLink purchasing 5,000 ETH and Bitmine adding another 76,881 ETH during the market weakness.

The Ethereum ecosystem has also undergone organisational changes in recent months, including workforce reductions at the Ethereum Foundation and the launch of Ethlabs, a new non-profit backed by Bitmine and SharpLink.

Meanwhile, Circle's USDC (CRYPTO:USDC) also moved ahead of Ripple (CRYPTO:XRP) by market capitalisation after XRP declined towards US$1, reflecting broader changes across the digital asset market.