Key Facts

• Tether's stablecoin, USDt, has become the second-largest cryptocurrency by market capitalization, surpassing Ether with a market capitalization of $186 billion, as Ether's market capitalization dropped below $185 billion following a 5.2% price crash over 24 hours.
• Ether's price fell to $1,510 on Coinbase, marking a yearly low, and is currently back at crucial long-term support levels last visited in October 2023 and April 2025.
• Andri Fauzan Adziima, research lead at Bitrue Research Institute, stated that the stablecoin overtake "really highlights how the market still favors stability over ETH's volatility right now."
• The growth of stablecoins, which now represents almost 15% of the entire crypto market capitalization, reflects accelerating adoption, with stablecoin supply hitting record highs after retracting more than 30% in the last bear market.
• Alvin Kan, chief operating officer of Bitget Wallet, described the flip as a "notable milestone that highlights the explosive growth and dominance of stablecoins in today's crypto ecosystem," and noted that deeper stablecoin liquidity supports higher trading volumes and ecosystem innovation.