The market value of the USDT has recently temporarily exceeded the market value of the ETA and has become the second largest asset in the encrypted market at market value. This intersection occurs during a period of weakness in the overall market, reflecting a greater tendency for funds to remain in stable currencies when volatility increases, rather than to continue to deploy highly volatile coins.
Cross-cutting takes place at the market fall.
According to the chain data cited in the paper, the USDT market value was about $186.06 billion, slightly higher than the market value of the Etherpo at the time, which was about $18.56.6 billion. At that time the ETH price was between $1,500 and $1600. Then the Ether Workshop returned to second place, but the scene ended with the second largest asset position for more than seven years.
USDT growth comes mainly from growth.
Unlike in the case of the high market value of the utensils, the increase in the market value of USDT is mainly due to increased traffic. With the rise in risk-averse sentiment in the market, investors have become more in need of dollar liquidity, with a consequent rise in stable currency demand, which can directly contribute to the expansion of USDT distribution.
It is mentioned that in mid-2026, Tether held over $193 billion in USDT reserves. The company also claimed that the annual profits of 2025 exceeded $10 billion. Based on the market share of the stable currency, USDT currently accounts for about 70 per cent and remains one of the most important liquidity tools in the encryption market.
It's not changed, but the money's switching.
The article mentions that the share of ETH in the market under some calibres has fallen below 10 per cent, significantly below the 18 to 20 per cent common in previous cycles. However, the Ether Workshop is still in the lead in DeFi, smart contracts, NFTs and developers, and still carries a large amount of financial activity along the chain.
This means that USDT is more of a market-stage preference shift than a direct replacement with a hotel base. The fact that funds stay in stable currency during the price-consumption phase tends to suggest that the market values liquidity and defensiveness more.
The rising demand for a stable currency also raises regulatory concerns.
Some analysts see this change as a sign of the “stable currency phase”, that is, that funds entering the encrypted market have been temporarily suspended in the securitized currency and have yet to flow to more risky assets on a large scale. As the supply of USDST approaches $186.0 billion, it is also seen as an important potential purchasing power for the follow-on market.
However, the continued expansion of the USDT volume will also give renewed attention to Tether ' s reserve structure and transparency. At the same time, the article states that, although the market value was once exceeded, the size of the chain of value settlement and developers remained in the lead.