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Tether briefly surpasses Ethereum in market cap amid volatile crypto trading conditions

Market News
06 Jun 2026
Blockonomi
View Source
Neutral
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Ethereum's market capitalization has fallen to about $186.263 billion, while Tether's stablecoin market cap rose to approximately $187.05 billion, marking a rare flip where Tether overtakes Ethereum. This shift is driven by increased demand for stablecoins like USDT during risk-off market phases and liquidity shifts, alongside accelerated Ethereum derivatives liquidations. Despite this temporary change, Ethereum remains a leading smart contract platform, but the event highlights how stablecoin supply dynamics can impact market rankings during volatile periods.

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