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

Deep Tide TechFlow message: on April 05, 10x Research posted on the X platform saying that over the past five years, ETH’s performance has been lackluster, with the trading price remaining near the $2000 level reached in the previous cycle. Since November, weak on-chain activity has constrained ETH demand and value accumulation, and 10x Research has remained cautious about this. After falling 57% from its August 2025 peak, ETH is currently valued relatively low, while BTC has dropped by about 42% over the same period. Despite facing major market-cap losses—such as withdrawals of around $8 billion from ETH treasury companies like Bitmine—capital accumulation is still continuing; recently, the amount of USDT issued on the Ethereum network has surpassed Tron. This has prompted the view that Ethereum could become the main beneficiary of stablecoin growth, and that it may become a Wall Street–driven on-chain infrastructure financial backbone. 10x Research is now re-evaluating whether ETH is nearing an inflection point or whether structural resistance still exists.