Tether's USDT briefly overtook ether by market cap at $186.06 billion, the first flip in about eight years, as issuance rose and ether's price fell.

USDT0, backed 1:1 by tethers, the largest stablecoin by market capitalization, is the third-largest holder of USDT.

Tether's USDT stablecoin surpassed Ethereum in market cap at $186 billion, marking a historic first as investors increasingly favor liquidity over