10x Research: USDT issuance on Ethereum surpasses Tron

10x Research posted on X that the USDT issuance volume on the Ethereum network has surpassed that of Tron, potentially making it the main beneficiary of stablecoin growth and possibly becoming the on-chain infrastructure financial backbone driven by Wall Street. At the same time, ETH has dropped 57% from its August 2025 peak, its valuation remains relatively low, and capital accumulation continues. 10x Research is reassessing whether ETH is approaching a turning point or facing structural resistance.