Tether's USDT has narrowed the gap with ether for the No. 2 crypto market-cap spot to a fraction of a percent, briefly overtaking it in June as supply rose and ether 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