10x Research: Ethereum Overtakes Tron in USDT Issuance; ETH Could Ride Stablecoin Growth

Odaily Planet Daily reported that 10x Research said on X that Ethereum has lagged over the past five years, with ETH still trading around the $2,000 area last seen in the prior cycle. The firm has kept a cautious view since November, citing soft onchain activity that has constrained demand and value capture for ETH. ETH has fallen 57% from its August 2025 peak, versus roughly a 42% drop for BTC over the same period, leaving ETH relatively undervalued in 10x Research's view. The note also pointed to large market-capitalization losses, including an $8 billion drawdown at ETH treasury companies such as Bitmine. Even so, 10x Research said capital formation continues. USDT issuance on Ethereum has recently surpassed Tron, fueling the argument that Ethereum could emerge as the main beneficiary of stablecoin growth and potentially become the financial backbone for Wall Street-led onchain infrastructure. The firm said it is reassessing whether ETH is approaching a turning point or if structural headwinds remain in place.