[10x Research: USDT Issuance on Ethereum Surpasses Tron, ETH May Become the Primary Beneficiary of Stablecoin Growth] Odaily Planet Daily News – 10x Research posted on the X platform, stating that over the past five years, ETH has shown a lackluster performance, with its trading price hovering near the $2,000 level reached in the previous cycle. Since November, on-chain activity has been subdued, limiting ETH's demand and value accumulation, prompting 10x Research to maintain a cautious stance. After a 57% decline from its August 2025 peak, ETH is currently relatively undervalued, while BTC has dropped approximately 42% over the same period. Despite significant market cap losses, such as an $8 billion pullback by ETH treasury companies like Bitmine, capital accumulation continues. Recently, the issuance of USDT on the Ethereum network has surpassed that on Tron. This has sparked the perspective that Ethereum could become the primary beneficiary of stablecoin growth and potentially serve as the financial backbone of on-chain infrastructure driven by Wall Street. 10x Research is reassessing whether ETH is approaching a turning point or if structural resistance still persists.