Tether Briefly Overtakes Ethereum as Crypto's No. 2 Asset

Tether briefly surpassed Ethereum as the second-largest cryptocurrency by market value on Friday, according to recent data.

The dollar-pegged token's supply edged near $186 billion, lifting it into second place behind Bitcoin (BTC), while Ethereum's market capitalization slipped below $185 billion for the first time in months.

The shift followed a 5.2% drop over 24 hours that sent ETH to $1,510 on Coinbase, its weakest level this year. The two assets had sat within roughly $400 million of each other before Tether's supply surged.

However, Ethereum reclaimed second place near $189 billion within hours as dip buyers returned, despite fresh staff cuts and executive exits at the Ethereum Foundation keeping sentiment fragile.