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#STRCHitsAllTimeLow
USDT Surpasses Ethereum to Become the Second Largest Crypto Asset by FDV
The official stablecoin USDT has surpassed Ethereum (ETH) and become the second-largest crypto asset in the world by Fully Diluted Valuation (FDV), according to CoinGecko data.
This ranking change occurred after Ethereum’s price fell by around 5.5% over the last 24 hours. As a result of this decline, Ethereum’s FDV shrank to approximately $187.53 billion, while USDT’s FDV reached $191.52 billion.
Nevertheless, Bitcoin (BTC) still retains its position as the largest crypto asset by FDV, with a sizable gap compared with other digital assets.
FDV is a metric that calculates the value of an asset based on its maximum total supply or the total supply that will eventually circulate, thereby providing a full valuation view of a project. Unlike market capitalization, FDV takes into account all tokens that have been or will be issued.
USDT’s rise to the second position reflects the growing role of stablecoins in the digital asset ecosystem. Demand for assets pegged to the U.S. dollar continues to increase, especially as a hedge as volatility in the crypto market rises.
On the other hand, Ethereum’s price decline shows the pressure that the crypto market is still facing overall. Although ETH remains the largest blockchain for decentralized finance (DeFi) applications, asset tokenization, and stablecoins, the weakening price has temporarily pushed its FDV-based valuation below that of USDT.