Tether’s USDT has risen to nearly $188 billion in market value, narrowing its gap with Ethereum as Schiff ties stablecoin growth to broader market turbulence and renewed pressure on Bitcoin.
Peter Schiff said Tether’s market capitalization could soon exceed Ethereum’s and eventually even Bitcoin’s, arguing that rising stablecoin use in payments, remittances and digital dollar transfers is reshaping crypto market leadership. USDT has climbed to nearly $188 billion, according to DeFiLlama, leaving it just under $26 billion behind Ethereum and requiring roughly 15% more growth to move ahead. Schiff’s comments came as Bitcoin fell to around $61,500, its weakest level in roughly four months, with a sharp hourly drop to $61,460 helping trigger more than $1 billion in leveraged liquidations. He also reiterated his bearish view on BTC, saying it could eventually fall below $20,000 and linking potential further weakness to a correction in tech stocks, while arguing gold would likely move in the opposite direction.