Tether Flips Ethereum in Market Value
Tether's market capitalization briefly surpassed Ethereum's for the first time in nearly eight years, but the ranking was short-lived. According to data, Tether's (USDT) market cap climbed to around $187.05 billion while Ethereum's (ETH) slipped to about $186.263 billion, with the gap between the two assets falling below $1 billion.
The shift drew attention from analysts and traders, who have favored defensive positions during weeks of volatility. As investors pull capital from risk assets and opt for stablecoins like USDT for liquidity, some market watchers are predicting a 'stablecoin season' in 2026.
Mike McGlone, a senior strategist at Bloomberg Intelligence, has argued that capital is gravitating toward stability and utility, with stablecoins remaining attractive as a store of value and settlement asset when conviction fades.