For years, the holy grail of cryptocurrency speculation has been the “Flippening”—the long-anticipated moment when Ethereum (ETH) finally overtakes Bitcoin (BTC) as the undisputed king of digital assets. We’ve seen challengers rise and fall, from Solana to Cardano, all vying for the top spot.
But according to a bombshell note from a top Bloomberg analyst, the market has been looking at the wrong underdog. The asset primed to topple the crypto hierarchy isn’t a volatile layer-1 blockchain or a hyped-up DeFi token.
It’s Tether (USDT).
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, has singled out the world’s largest stablecoin as the ultimate dark horse. According to McGlone, capital is aggressively gravitating toward stability and utility in an uncertain macroeconomic environment, and USDT is leading the charge.
“The most enduring trend in cryptos is Tether flippening everything,” McGlone stated. “I expect the ‘flippening’ to continue, with Tether’s AUM topping Ethereum in 2026 and eventually Bitcoin.”
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The Numbers: How Close Is The Flippening?
While Bitcoin and Ethereum have historically dominated the market cap leaderboards, Tether has been quietly eating the crypto world. Over the past year, the gap between Ethereum and Tether has narrowed significantly.
Here is a real-time snapshot of the market landscape as of April 10, 2026:
| Asset | Current Price (USD) | Market Capitalization | 1-Year Trend |
| Bitcoin (BTC) | ~$72,000 | ~$1.4 Trillion | High volatility, fighting resistance |
| Ethereum (ETH) | ~$2,200 | ~$272 Billion | Reclaimed $2.2k, lagging BTC |
| Tether (USDT) | $1.00 (Pegged) | ~$184 Billion | +27.6% Growth (Consistent uptrend) |
Data reflects approximate current trading metrics.
Tether currently controls roughly 58% of the global stablecoin market. Together with its closest competitor, USDC, the two account for over 80% of the total stablecoin capitalization. With its market cap now sitting around the $184 billion mark, USDT is within striking distance of Ethereum’s $272 billion valuation.
Why Tether? The Great Decoupling
Why is a fiat-pegged token positioned to outpace the two most famous cryptocurrencies in the world? It comes down to utility.
Historically, stablecoins were primarily used as “dry powder”—a safe haven for traders to park their capital between speculative bets on volatile altcoins. Today, that narrative has entirely shifted.
Stablecoin interest is actively decoupling from traditional crypto trading. Tether is increasingly being utilized for real-world applications that have nothing to do with buying the dip. From cross-border remittances and global payrolls to commodity trading and invoice settlements, USDT is becoming the default digital dollar for the developing world. In fact, Tether’s leadership recently highlighted that up to 60% of USDT’s utility is now driven by non-speculative, real-world commercial use cases.
While Bitcoin acts as digital gold and Ethereum serves as the foundational layer for Web3, Tether is simply acting as money—and the market is rewarding it.
The Bearish Caveat: A Bitcoin Crash to $10,000?
McGlone’s prediction isn’t just about Tether’s meteoric rise; it heavily relies on a bearish macroeconomic outlook for Bitcoin and Ethereum.
For Tether to dethrone Bitcoin, the flagship cryptocurrency would likely have to suffer a catastrophic macroeconomic drawdown. McGlone pairs his bullish stablecoin outlook with a stark warning for BTC bulls: if global equities roll over, Bitcoin could face a brutal reversion to its long-term equilibrium zone.
According to McGlone’s models, if Bitcoin fails to hold critical support levels above the $70,000–$75,000 range, we could see a massive crash. “Tether will eventually ‘flippen’ Bitcoin in my view,” McGlone noted, suggesting that such a scenario would put Bitcoin’s price back around the $10,000 mark, a level it hasn’t seen in years.
Similarly, for Tether to overtake Ethereum in 2026, ETH would need to face continued downward pressure. Standard Chartered recently echoed this sentiment, floating a scenario where Ethereum drops back to the $1,400–$1,500 range over the coming months. If ETH drops to $1,500 while Tether’s supply continues its aggressive expansion, the USDT market cap would seamlessly overtake Ethereum to claim the number two spot.
The Bottom Line for Crypto Investors
The idea of a stablecoin becoming the most valuable cryptocurrency on the planet forces us to rethink what the crypto industry actually is. Are we building a decentralized utopia of sound money and smart contracts, or have we simply built a highly efficient rail for digitized US dollars?
For investors, the takeaway is clear: while all eyes are fixated on the daily price action of BTC and ETH, the most profound shift in the market is happening right under our noses. Tether is no longer just a trading pair; it is an economic juggernaut.
Whether McGlone’s $10,000 Bitcoin doomsday scenario plays out remains to be seen. But one thing is undeniable—the real “Flippening” might just be painted green.
Disclaimer: This post is a compilation of publicly available information. MEXC does not verify or guarantee the accuracy of third-party content. Readers should conduct their own research before making any investment or participation decisions.