A few days ago, Bloomberg analyst Mike McGlone pointed out that Tether's stablecoin $USDT (+0%) is not far behind Ethereum in terms of market capitalization. The gap is still around 50 billion US dollars - but it is shrinking. Should there be a further decline on the crypto market, Ether could lose its second place in the ranking.
However, this would not be the "death of Ethereum", but an expression of a structural shift. $ETH (+2,81%) Ethereum is stable, has the largest developer base in the ecosystem and remains the center of the smart contract economy.
The real story is stablecoins. They have long been the most widely used instrument in the crypto market and have $V (+0,25%) (Visa) and $MA (-0,05%) (Mastercard) in terms of transaction volume. According to Accenture, they could process payments worth over USD 13 trillion by 2030 - with potentially billions in fees lost to the traditional banking system.
The question is therefore not so much whether USDT will "flip" Ethereum, but rather: Are we witnessing the quiet dominance of the digital dollar infrastructure? (Author: Jérémy Le Bescont, Editor-in-Chief of CoinShares)
