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Tether, the dollar-pegged stablecoin, has overtaken Ether ($ETH) by market capitalization as ETH fell to $1,500 — a price last seen in October 2023 and revisited in April 2025.
The flip puts a fixed-value instrument above Ethereum's native asset in the rankings, a milestone that measures the depth of this decline more than it reveals anything about Tether's own growth.
What the Flip Actually Signals A stablecoin surpassing a variable-price asset in market cap is a price-fall story, not a Tether achievement story. Tether is engineered to hold a value near one U.S.
dollar; its market cap is roughly a function of how many dollars are locked into it. ETH's market cap, by contrast, moves directly with price. When ETH drops far enough, the math tips the ranking automatically.
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