10x Research: A new DeFi cycle may have quietly begun, with stablecoins and funds returning to the Ethereum ecosystem.

According to 10x Research, the DeFi cycle may have already begun in its early stages by 2026. As the US regulatory environment becomes clearer, billions of dollars in stablecoins are flowing back into the Ethereum ecosystem, but market prices have not yet fully reflected this change. Data shows that capital is in an accumulation phase rather than a speculative phase, which is often a harbinger of a new cycle. Since Trump's election, the issuance of stablecoins on Ethereum has surged by $48 billion, far exceeding Tron's $15.8 billion increase. The report points out that metrics based on user transaction volume and TVL valuation models indicate that the market is entering the preparatory phase for a new DeFi phase.