10x Research: The issuance of USDT on Ethereum surpasses that on Tron, and ETH may become the main beneficiary of stablecoin growth

10x Research stated on platform X that ETH has performed poorly over the past five years, with trading prices remaining around the $2000 level reached in the previous cycle. Since November, low on-chain activity has limited ETH demand and value accumulation, leading 10x Research to maintain a cautious stance.

After a 57% drop from its peak in 2025, ETH is currently relatively undervalued, while BTC has dropped about 42% during the same period. Despite facing significant market cap losses, such as Bitmine's ETH treasury company retracting about $8 billion, capital accumulation continues. Recently, the issuance of USDT on the Ethereum network has surpassed that of Tron. This has sparked the view that Ethereum may become a major beneficiary of stablecoin growth and could become a Wall Street-driven backbone for on-chain infrastructure finance. 10x Research is reassessing whether ETH is approaching a turning point or if structural resistance still exists.