• JAN3 CEO Samson Mow believes that Tether is set to surpass Ethereum in market capitalization.

• The gap in the market capitalization of Tether and Ethereum has been rapidly narrowing.

• Tether is not the only asset that has been tipped to flip Ethereum.

Once gushed over and tipped to usurp Bitcoin because of its programmability, Ethereum now faces what at least one analyst has dubbed a “midlife crisis.” Amid a lack of a definitive investment thesis, its native token, ETH, has grossly underperformed the competition.

Now, the would-be Bitcoin usurper risks ceding ground to an unlikely contender.

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JAN3 CEO Samson Mow believes that Tether is set to surpass Ethereum in market capitalization.

“Tether will flip Ethereum this year,” Mow asserted in an X post on Feb. 4 as Tether hit $140 billion in market capitalization.

On Wednesday, he shared this view again, adding “Getting closer,” as he showed a screenshot of market capitalization rankings that showed only a $32 billion gap between Ethereum and Tether, with market capitalizations of $175.62 billion and $143.91 billion, respectively planets away from Bitcoin’s $1.52 trillion.

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While Mow’s prediction of Tether overtaking Ethereum in the cryptocurrency asset rankings is likely driven by some level of schadenfreude as a Bitcoin maximalist, he is not the only one considering the possibility. The idea has taken root in the cryptocurrency subreddit.

One Redditor stressed the possibility by highlighting the decline in several key Ethereum metrics even as USDT adoption grows.

“ETH dominance is near multi-year lows. DeFi TVL is stagnating, NFT volumes are down, and gas fees are no longer a meaningful moat. Tether, ironically, has become the most used asset across chains. If ETH can’t reclaim narrative dominance soon, a USDT flippening could signal a deeper shift in crypto capital flows-away from smart contract risk and toward dollar-denominated stability,” the Redditor wrote.