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

SmartContractAuditor · 2026-04-05T11:11:24+00:00

10x Research said that over the past five years, Ethereum (ETH) has performed lacklusterly, and its current trading price is about $2,000. Due to sluggish on-chain activity, ETH demand has been constrained, and it has fallen 57% from its 2025 high. Although treasury firms face losses, the USDT issuance on the ETH network has surpassed Tron, which may make it a beneficiary of stablecoin growth. 10x Research is currently re-evaluating ETH’s outlook.

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2026-04-05 11:11:24

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Odaily Planet Daily News: 10x Research said in a post on the X platform that over the past five years, ETH has performed blandly, with the trading price staying near the $2,000 level reached in the previous cycle. Since November, weak on-chain activity has limited ETH demand and value accumulation, and 10x Research has remained cautious about this. After falling 57% from its August 2025 peak, ETH’s current valuation is relatively low, while BTC is down by about 42% over the same period. Although it faces major mark-to-market losses—such as ETH treasury companies like Bitmine pulling back by about $8 billion—capital accumulation is still ongoing. Recently, the amount of USDT issued on the Ethereum network has surpassed Tron. This has sparked the view that Ethereum could become the main beneficiary of stablecoin growth and may become a backbone of Wall Street–driven on-chain infrastructure finance. 10x Research is now re-evaluating whether ETH is nearing a turning point or whether structural resistance still remains.

ETH-0.31%

BTC-0.38%

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