USDT has edged past Ethereum to rank as the second-largest cryptocurrency by market capitalization, a rare shake-up at the top of the digital-asset leaderboard. Tether CEO Paolo Ardoino highlighted the move on June 6, posting screenshots of market rankings showing USDT in second place behind Bitcoin. The figures showed USDT at about $187.37 billion, narrowly ahead of Ethereum at roughly $187.33 billion. Bitcoin remained firmly in first place with a market value above $1.19 trillion. Ethereum's slip to third comes after an extended period of weakness in ETH, which helped compress the gap with the dollar-backed stablecoin. Unlike volatile cryptocurrencies, USDT is designed to trade near $1, so its market cap typically expands when more tokens enter circulation rather than from price appreciation. USDT's advance has been driven by steady growth in circulating supply throughout 2026, supported by continued demand for dollar-backed stablecoins across trading, payments, and cross-border transfers. Supply has recently approached record levels near $188 billion, reinforcing Tether's lead in the stablecoin market and allowing USDT to close in as ETH softened. The shift aligns with earlier commentary from Bloomberg Intelligence strategist Mike McGlone, who said Tether's asset growth could lift USDT above Ethereum if ETH traded near $1,500. Economist and longtime Bitcoin critic Peter Schiff also pointed to the trend, writing on X that Tether's market cap would soon exceed Ethereum's and could eventually challenge Bitcoin's. "The market cap of Tether will soon surpass the market cap of Ethereum. It will eventually surpass the market cap of Bitcoin, too. The only question is how long it will take," Schiff wrote. The ranking change underscores how stablecoins have evolved beyond their original role as trading utilities to become one of the largest segments of the crypto market by value. Under Ardoino, Tether has also broadened its focus beyond stablecoins into artificial intelligence, mining, tokenized gold products, and payment initiatives. Ethereum could reclaim the No. 2 spot if ETH prices rebound. For now, USDT's move above Ethereum highlights the growing influence of dollar-backed assets in shaping crypto market structure. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Coin Edition is not responsible for losses resulting from the use of any content, products, or services mentioned. Readers should exercise caution before taking actions related to the company.

According to Odaily Planet Daily, Solidity security researcher Quit has published an analysis of a vulnerability in Flooring Protocol. Quit said the attacker abused a flaw in the BT404-style accounting logic's ownership validation, creating a "phantom ownership" condition. By combining that issue with multiple integer underflow bugs, the attacker was able to generate unlimited fpToken balances, sell the tokens, and drain liquidity from the protocol. Quit added that they later identified an additional attack path impacting more liquidity pools. Together with several security researchers, they launched a white-hat rescue to move assets out of Flooring Protocol's exposed pools. The team recovered 66 NFTs in total: 29 BAYCs, 4 MAYCs, 2 CryptoPunks, 1 Azuki, 2 Elementals, 26 Captains, 1 Moonbird, 2 Doodles, and 1 BAKC. The assets are valued at more than $500,000. Quit urged users not to deposit further NFTs into Flooring Protocol and said the recovered NFTs will be returned to their rightful owners in the coming weeks.

A Satoshi-era Bitcoin wallet that had been inactive since 2011 transferred 35.55 BTC worth about $2.5 million last week, after it was referenced in a lawsuit filed by Noah Doe seeking ownership of roughly 3.8 million dormant bitcoin—valued at around $285 billion. The complaint contends that thousands of long-inactive wallets should be treated as abandoned property under New York law. The wallet's transfer came months after an on-chain legal notice linked to the case was sent. Galaxy Research said the move could indicate the coins were not abandoned.

Blockchain tracker Lookonchain reported that an "Ethereum OG" sold a combined $188 million of crypto ahead of a market downturn, then bought back after prices fell. Prior to the drop, the wallet sold 60,000 ETH worth about $117.25 million and 9,442 wstETH worth about $24 million at an average price of $2,040, and also sold 600 WBTC worth about $47.12 million at an average price of $78,538. Following the selloff, the same wallet repurchased 611 WBTC worth about $38.68 million at an average price of $63,280, along with 60,088 ETH worth about $95.3 million and 10,000 wstETH worth about $21.08 million at an average price of $1,606.

Blockchain data shows the wallet address pensionusdt.eth added a 10,000 ETH short position about nine hours ago, valued at roughly $16.8 million. The move lifts its total short exposure to 60,000 ETH, or about $101 million. The address has recorded profits across 22 consecutive trades, with cumulative gains exceeding $45 million, according to Lookonchain.

A wallet associated with Ethereum cofounder Joseph Lubin deposited 110,000 ETH—about $170 million—into Sky vaults on June 6, moving funds that had sat idle for more than three years. Onchain watchers quickly flagged the activity, but the prevailing read is that it's not a selling signal. The transfer looks like risk management: adding collateral to keep a large leveraged position comfortably away from liquidation. The ETH was distributed across three Sky vaults, the lending platform formerly known as MakerDAO. Combined, the three vaults now hold 412,430 WETH as collateral against roughly $259.05 million in outstanding DAI debt. Their liquidation prices are $899, $1,020, and $1,056 per ETH. With ETH trading near $1,560 when the deposits hit, the closest liquidation level sat about 33% below spot. Onchain data shows the collateral wasn't added in a single shot. The wallet first transferred about 80,000 ETH, followed by another 30,000 ETH, a pattern that points to a planned, methodical reinforcement rather than a rushed response. Neither Lubin nor Consensys has commented. The move lands in a weak ETH tape. ETH slipped about 1.5% in the 24 hours around the transfer and is down nearly 46% year to date. Sky vaults function like MakerDAO's earlier design: users post crypto collateral, borrow DAI (a dollar-pegged stablecoin) against it, and must maintain a minimum collateral ratio. If collateral value drops below the required level, the protocol liquidates the position to repay the debt. For investors, adding ETH to a collateral vault is essentially the opposite of selling—it signals intent to keep the position open and commit additional capital to protect it. The scale of the exposure still matters. If ETH were to sell off again toward $1,056, the nearest liquidation threshold, the forced unwind of 412,430 WETH could intensify downside pressure. At current prices, that collateral represents roughly $643 million of ETH that could be pushed into the market in a cascading liquidation scenario. For traders tracking onchain risk, these three Sky vaults remain key levels to monitor. The liquidation prices at $899, $1,020, and $1,056 stand out as potential stress points.

ME News reported that on June 8 (UTC+8), South Korean President Lee Jaemyung said at a press conference marking his first year in office that Korea's stock market remains undervalued. Earlier on Monday, the Seoul Composite Index opened down as much as 8.8%, triggering a circuit breaker, while Samsung Electronics slid up to 10%. Following the sharp move, the Korea Exchange convened an emergency market assessment meeting and said it will reinforce contingency measures and step up monitoring of illegal short selling and other unfair trading practices. Lee also said the government will push AI adoption across all industries, prepare large-scale investment projects tied to the semiconductor sector, speed up housing supply, and raise tax burdens on non-owner-occupied real estate. (Source: ChainCatcher)

Arthur Hayes has flipped his stance on $HYPE. Four days after exiting his position when the token traded around $72, he has returned to the market, buying 33,978 $HYPE for about $2.09 million at roughly $56, according to Lookonchain. The re-entry came after an estimated 23% pullback from his sell level.

Yuga Labs CEO Michael Figge said the company has completed a whitehat operation to safeguard dozens of NFTs that were at risk following the discovery of an exploit in Flooring Protocol. Figge said the assets protected include Bored Ape Yacht Club NFTs, CryptoPunks, and Azuki.