USDT’s market cap has continued to climb alongside stablecoins’ foothold in the space. This comes amid Ethereum’s (and much of the greater market’s) struggles under bearish conditions. Data per Cryptorank showed that the gap between Ethereum and Tether’s market cap is narrowing at a steady pace. Tether was at $185 billion while Ethereum sat at $272 billion at the time of writing.
With stablecoins gaining ground year after year, the idea of Tether flipping Ethereum for the #2 spot no longer feels far-fetched. According to Tether’s quarterly report, Tether’s monthly active on-chain users hit a new ATH in Q4 2025. The number is roughly 24.8 million. USDT made up 68.4% of all stablecoin monthly active users during the quarter.
Demand has remained consistently strong through 2024 and 2025. Despite the arrival of newer competitors, most real activity continues to flow through Tether, an advantage that has proven difficult to dislodge. If Ethereum’s whale-led selling persists, the USDT-ETH gap could compress faster. Tether’s rush toward crypto’s #2 spot looks very realistic.
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