USDT Surpasses Ethereum in Market Cap, Hits $186.06B on June 26

On June 26, 2026, Tether (USDT) surpassed Ethereum (ETH) in market capitalization for the first time, with USDT reaching $186.06 billion against ETH's $185.66 billion — a $400 million gap. USDT is now the second-largest crypto asset by market value, behind only Bitcoin.

The milestone reflects heightened demand for dollar-pegged stablecoins during volatile market conditions, as investors adopt defensive positioning. Additionally, USDT0, an omnichain version of Tether developed by Everdawn Labs, crossed $100 billion in cumulative transaction volume on June 25, 2026, less than 530 days after launching in January 2025, signaling rapid adoption across multiple blockchain networks.