10x Research: The DeFi cycle could have quietly started in 2026, as capital is reallocated

The crypto market is in a transitional phase, aided by clearer US regulations. Stablecoins worth billions are being transferred to Ethereum, while user trading volume indicates a possible shift towards a new DeFi cycle.

Ethereum has seen stablecoin issuance grow significantly, surpassing Tron’s issuance. This accumulation suggests that capital is being strategically positioned for future cycles, rather than immediate trading.

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