When ETH fell to a low level in 2026, USDT was once briefly overestimated by a completely diluted valuation (FDV). This change did not rephrase the ranking of the two in terms of market value in circulation, but highlighted the fact that in the current round, market funds were more in favour of dollar stability.
USDT is short-lived above ETH
Market data show that USDT's FDV rose at one point to about $19.15 billion, which is higher than ETH about $18.93 billion. Subsequently, Ether retained its second largest encrypted asset at market value, and Tether continued in third place.
The gap narrows, mainly after ETH fell over 5% in 24 hours. It was reported that ETH had returned to support areas near October 2023 and April 2025. By contrast, USDT maintains fluctuations around $1.
Stable currency demand continues to expand
This brief reversal also reflects broader market changes. Even when the main encrypted assets are weak, the supply of stable currency continues to grow. 21 Shares mentioned in the mid-year market update that the last bear market experienced a contraction of more than 30 per cent in the size of the stable currency, and that this time it continued to refresh its high position.
Stable currency usually plays the role of a transaction bond, a payment route and a United States dollar liquidity tool in the encrypted market. The continued expansion of the stable currency during the period of market pressure means that some users have not left the encryption system, but have turned to the United States dollar currency for new trading opportunities.
Tether is also advancing the payment scene. According to earlier reports, Oobit, supported by Tether, has extended its use in local payment systems by accessing USDT payments to the Brazilian Pix network.
The Ether is under internal and external pressure.
The recent weakness of ETH is linked not only to the overall market reversal, but also to a synchronization with the ecological adjustment of the Taifung. Markets continue to focus on issues such as ETF flows, the purchase of a business bank and the distribution of network funds.
It is reported that the Ether Fountain Foundation has reduced its staff by about 20 per cent in the reorganization, involving 54 jobs. At the same time, Ethlabs, a non-profit research organization supported by Joe Lubin, Bitmine and SharpLink, has also been established, including some former Etherwood Foundation researchers.
The corporate bank is still buying ETH.
Despite price pressures, some enterprises are still growing low ETH. SharpLink bought 5,000 ETHs after a pause of eight months and currently holds 876285 ETHs, including pledge proceeds.
Bitmine's a bigger silo. It was reported that 86 per cent of the ETH held was used for pledge, which was approximately 4.88 million. This suggests that some agencies still regard ETH as a long-term treasury asset, but that current market funds remain more in favour of stable dollar liquidity.