USDT surpasses Ethereum in market capitalization to become the second largest cryptocurrency

Odaily reported that Tether stablecoin USDT has reached a market capitalization of 186 billion US dollars, surpassing Ethereum and becoming the second largest cryptocurrency by market capitalization. Ethereum's market capitalization fell below 185 billion US dollars after a 5.2% price drop within 24 hours, with its price once dropping to 1,510 US dollars. 

Currently, stablecoins account for nearly 15% of the overall cryptocurrency market capitalization. According to 21Shares, stablecoin supply dropped by more than 30% during the previous bear market, but has reached a historical high in this cycle. Circle’s USDC has also surpassed Ripple’s XRP in market capitalization; XRP's market capitalization has dropped to 64 billion US dollars, while USDC's market capitalization stands at 73.6 billion US dollars. (Cointelegraph)