Ripple (XRP) overtakes Tether (USDT) to rank third in market capitalization, driven by recent regulatory shifts and market dynamics.
XRP now stands at $2.44, with a market cap of $140 billion, showing a weekly growth of 13.1%.
USDT’s market cap drops from $140 billion to $137 billion amid uncertainty due to the EU's MiCA regulations.
MiCA introduces regulatory challenges in Europe, causing platforms like Coinbase to delist USDT to avoid compliance issues.
Emerging yield-bearing stablecoins like Ethena's USDe and Ondo's RWA-backed tokens are drawing attention away from USDT.
Lack of clarity on USDT’s reserve assets raises questions about its ability to maintain stability, impacting investor trust.
Experts attribute XRP’s ascent to the shifting market landscape and declining demand for USDT in Europe.
For the first time in seven years, XRP crosses the $2 mark, marking a significant resurgence in its market position.
With XRP in third place, experts predict assets like Solana (SOL) might challenge its position next.