USDT vs ETH: key numbers
Tether as a percentage of Ethereum. 100% means Tether has caught up. Data as of .
| Metric | Now | 1 year ago | Peak | Data since |
|---|---|---|---|---|
| Market cap | 70.4% | 42.6% | 99.1% Jun 6, 2026 | Jun 2019 |
How close USDT came in June 2026
ETH fell from about $2,000 to under $1,600 in the first week of June 2026, and the gap to Tether nearly closed. On June 6, 2026, USDT closed at a record 99.1% of Ethereum's market cap. The ratio stayed above 90% on 22 daily closes between June 5 and July 2, including 97.8% on June 26. It never reached 100% on a daily close.
Press reports, citing intraday snapshots, said USDT briefly passed ETH on June 6 and again on June 26, 2026, by less than $1 billion each time. Ethereum was back ahead by the daily close on both days, so neither crossing appears in this chart.
Why a stablecoin can rival Ethereum
Tether issues USDT when customer dollars arrive and takes tokens back when holders redeem them, so USDT's market cap is the number of tokens outstanding at about $1 each. ETH's market cap is price times supply, and it shrinks whenever the price falls. The ratio's three highest peaks came in ETH sell-offs: 56.7% on June 18, 2022, 81.5% on April 8, 2025, and the June 2026 record. In May 2021, with ETH near a record, USDT was 11.9% of ETH. A 1% fall in ETH's price narrows the gap about as much as 1% more USDT issuance. Tether's own lead among stablecoins is tracked on USDC vs USDT.
What Ethereum losing #2 would mean
Ranking sites order assets by market cap, so a flip would put ETH third, behind Bitcoin and USDT. Ethereum has held second place for most of its history. The last asset to take it was XRP, in spells between late 2017 and early 2019, before this data begins. A flip would change rankings and headlines while the network ran as before. Most USDT circulates on Tron and Ethereum, so Tether's growth also adds stablecoin activity to the chain it would pass.
Our ratio divides DefiLlama's USDT circulating supply by Coin Metrics' ETH market cap at the daily close in UTC, so it can differ slightly from intraday trackers such as CoinGecko.
USDT vs ETH flip history
Tether has never closed above Ethereum in this data, which begins in Jun 2019.
Frequently asked questions
Has Tether flipped Ethereum?
No. As of November 10, 2026, Tether's market cap is 70.4% of Ethereum's, so USDT would need to grow 1.4× relative to ETH to flip it. The closest it has come in this data was 99.1% on June 6, 2026.
What is the USDT/ETH market cap ratio today?
Tether's market cap is 70.4% of Ethereum's as of November 10, 2026. A year earlier, on November 10, 2025, it was 42.6%. Over the past 12 months it ranged from 44.4% to 99.1%.
How close has Tether come to flipping Ethereum?
The highest reading in this data is 99.1%, on June 6, 2026. Tether has never closed above Ethereum in this data, which begins in Jun 2019.
How much would USDT need to rise to flip ETH?
If Ethereum's market cap stayed where it is, Tether's market cap would need to grow 1.4× (about +42%) to reach parity. In dollar terms, about $74 billion more USDT would have to be issued at today's Ethereum market cap.
Where does this data come from?
Tether's market cap is its circulating supply across all chains from DefiLlama (one USDT is redeemable for one dollar). Ethereum's is Coin Metrics' estimated market cap. Both are daily closes (00:00 UTC), so intraday crossings don't show up here. Each chart plots Tether as a percentage of Ethereum, so 100% is parity. The data refreshes daily shortly after 00:00 UTC; the raw series is usdt-eth.json.