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

Odaily reports Tether's stablecoin USDT has reached a market capitalization of $186 billion, surpassing Ethereum to become the second-largest cryptocurrency by market cap. Ethereum's market cap fell below $185 billion after its price dropped 5.2% in 24 hours, with the price briefly 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 fell by over 30% during the last bear market but has now reached an all-time high in this cycle. Circle's USDC market cap has also surpassed Ripple's XRP; XRP's market cap fell to $64 billion, while USDC's market cap stands at $73.6 billion. (Cointelegraph)