Tether's USDT becomes second-largest crypto by market cap, flipping Ethereum

Tether's USDt stablecoin surpassed Ethereum in market capitalization as ETH fell to $1,510, its lowest price of 2026. USDt now has a $186 billion market cap versus Ethereum's sub-$185 billion.

• USDt's $186B market cap overtook Ethereum's sub-$185B as ETH dropped 5.2% in 24 hours to $1,510 on Coinbase.
• Stablecoins now represent almost 15% of the entire crypto market capitalization, hitting record highs.
• Circle's USDC also flipped XRP in market cap, with USDC at $73.6B versus XRP's $64B.
• Ethereum Foundation leadership departures and a 20% workforce reduction have added to bearish sentiment around ETH.

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Last updated 28 Jun 2026