Woofun AI reports that Tether's USDT reached a market capitalization of $186 billion, displacing Ethereum as the second-largest cryptocurrency by market value. Ethereum's valuation dropped below $185 billion following a 5.2% price decline within 24 hours, briefly touching $1,510. Stablecoins currently represent nearly 15% of the total cryptocurrency market cap. 21Shares observed that while stablecoin supply contracted by over 30% during the previous bear market, it has now achieved an all-time high in this cycle.

Additionally, Circle's USDC market cap exceeded that of Ripple's XRP, standing at $73.6 billion compared to XRP's $64 billion.