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

Deep Tide TechFlow message, April 05, 10x Research posted on the X platform saying that over the past five years, ETH has performed blandly, with the trading price staying around the 2000 US dollar level reached in the prior cycle. Since November, weak on-chain activity has constrained ETH demand and value accumulation, and 10x Research remains cautious about this. After falling 57% from its August 2025 peak, ETH’s current valuation is relatively low, while BTC is down about 42% over the same period. Despite facing major market-cap calculated losses, such as ETH treasury companies like Bitmine seeing a pullback of about $8 billion, capital accumulation is still ongoing—recently, the amount of USDT issued on the Ethereum network has surpassed Tron. This has led to the view that Ethereum could become a primary beneficiary of stablecoin growth, and that it may become a Wall Street-driven backbone for on-chain infrastructure finance. 10x Research is now re-evaluating whether ETH is close to an inflection point or whether structural resistance still remains.