USDT market cap surpasses Ethereum to become the second-largest cryptocurrency

Odaily reports that Tether's stablecoin USDT has reached a market cap of $186 billion, surpassing Ethereum to become the second-largest cryptocurrency by market capitalization. Ethereum's market cap fell below $185 billion after its price dropped 5.2% within 24 hours, at one point falling to $1,510. 

The current market cap of stablecoins accounts for nearly 15% of the total cryptocurrency market cap. 21Shares noted that stablecoin supply dropped by over 30% during the previous bear market but has now reached an all-time high this cycle. Circle's USDC market cap has also surpassed Ripple's XRP; XRP's market cap has fallen to $64 billion, while USDC's market cap stands at $73.6 billion. (Cointelegraph)