"Tether Poised to Overtake Ethereum's Market Cap in 2023: Leading the Altcoin Race?"

# Tether (USDT) Ready to Overtake Ethereum (ETH) as the Second-Largest Cryptocurrency by Market Cap Tether (USDT) is on track to surpass Ethereum (ETH) to become the second-largest cryptocurrency by market capitalization, according to a recent report by U.Today. Presently, Tether's market cap exceeds $150 billion, setting a new record for stablecoins. Samson Mow, CEO of JAN3, shared his optimism regarding Tether's growth. Paolo Ardoino, CEO of Tether and Bitfinex, has set an ambitious goal of reaching a $1 trillion market cap for USDT. Mow emphasized that achieving this milestone could push Tether past Ethereum, establishing it as the top altcoin in the crypto market. For this to happen, Tether would need to more than double its current market capitalization, with Ethereum's cap approximately at $303 billion. Meanwhile, Ethereum has faced criticism for lackluster performance amid multiple market downturns in recent cycles. # TRON-Based Tether Increases Market Share Tether's TRON (TRX)-based version has recently taken the lead in market share, surpassing Ethereum's dominance. The TRON network benefits from higher transaction processing speeds and lower fees, boosting its popularity. # Stablecoin Market Aims for $250 Billion Milestone Apart from Ethereum and TRON, Tether also issues stablecoins on other networks, including Solana, Avalanche, and TON. However, these networks only account for a small portion of Tether's total circulation. The second-largest stablecoin, USDC, continues to grow steadily, with a market cap of $60 billion. Despite the rise of various stablecoins, the market remains highly concentrated. USDT, USDC, and other USD-pegged stablecoins currently control over 90% of the market share. Though stablecoins are growing, their combined market value is still about one-eighth of Bitcoin's (BTC) current market capitalization. Bitcoin is currently trading at $103,800, reflecting a 0.3% drop in the past 24 hours.