Tether Surpasses Ethereum as No. 2 Crypto Amidst Market Volatility

Tether briefly took over Ethereum as the second-largest cryptocurrency by market value on Friday.

The dollar-pegged token's market capitalization edged near $186 billion, surpassing Ether's roughly $185 billion mark after a sharp selloff dragged ETH to its lowest price of 2026, at around $1,510.

This move was not without precedent. The two assets had previously traded places on June 6th, but Ethereum reclaimed second place within hours as dip buyers returned.

Analysts saw the rotation as a 'textbook flight to safety', with Tether's value rising as new coins are issued rather than as prices climb, making it an attractive option during times of market uncertainty.