Tether’s USDT stablecoin reached a $186 billion market capitalization, overtaking Ethereum’s $185 billion market cap after Ether fell to $1,510 on Friday. Ethereum’s market capitalization dropped below $185 billion following a 5.2 % price decline over 24 hours, according to TradingView. Stablecoins now account for roughly 15 % of total crypto market capitalization, up from a contraction of more than 30 % during the previous bear market, 21Shares noted. Andri Fauzan Adziima, research lead at Bitrue Research Institute, said the shift reflects continued market preference for stability over Ether’s volatility. Alvin Kan, chief operating officer of Bitget Wallet, said the milestone underscores the growing role of stablecoins in providing liquidity during periods of price volatility. Sharplink, an Ethereum treasury company, purchased 5,000 ETH on Thursday, marking its first acquisition in eight months, while Bitmine, led by Tom Lee, added 76,881 ETH to its holdings the previous week. USDC, issued by Circle, surpassed Ripple’s XRP in market capitalization as XRP slipped toward $1, its lowest level since November 2024, according to CoinGecko. Ethereum Foundation announced a 20 % workforce reduction earlier this year and several executive departures, while a new nonprofit, Ethlabs, was launched this week by former EF developers and supported by Ether treasuries Bitmine and Sharplink. Ether’s price remains near critical long‑term support levels as the market watches stablecoin expansion and evolving Ethereum ecosystem developments.