Ethereum, heading to $10,000?… Rebound driven by stablecoin and RWA momentum

Ethereum jumps 26% in just two weeks

Expectations rise for stablecoin and RWA

Corporate adoption on the rise, including Robinhood

"$10,000 Target"… Price outlook remains mixed

Ethereum (ETH) has recently shown a sharp upward trend, drawing market attention. On February 22 (local time), Ethereum on the Binance Tether (USDT) market dropped to $2,111, but in just two weeks surged about 26%, breaking through the $2,600 mark within 20 days. As of the 8th, Ethereum is trading around $2,570.

Anticipation is growing for Ethereum to become a key asset in the stablecoin and Real World Asset (RWA, tokenized assets) markets. According to on-chain analytics platform DeFiLlama, as of the 7th, 49% of the total stablecoin issuance (about $255 billion) is operated on the Ethereum network. In the $24.8 billion RWA market, Ethereum holds a 58% share.

Tom Lee, co-founder of Fundstrat and newly appointed chairman of Bitmain’s board, emphasized, “Stablecoins are like the ChatGPT of the crypto market,” adding, “Ethereum is the core infrastructure supporting this.” He continued, “To utilize Ethereum as a core asset at Bitmain, we have signed a $250 million private funding agreement.”

He also projected that the growth of the RWA market could fuel Ethereum's price. Tom Lee said, “RWAs are giving new momentum to Ethereum,” and added, “If the world begins to embrace the potential of RWAs, Ethereum could reach $10,000.”

U.S. investment platform Robinhood recently unveiled the Ethereum-based Layer 2 ‘Robinhood Chain,’ entering the RWA market in earnest. Vlad Tenev, CEO of Robinhood, explained, “Robinhood Chain allows tokenized stock derivatives to trade directly on blockchain,” and said, “Initially, we will support service 24 hours a day, five days a week, expanding to seven days a week in the future.”

U.S. sports betting platform SharpLink Gaming also became the first Nasdaq-listed company to adopt Ethereum as a primary reserve asset and is now holding it long term. The company currently owns approximately 188,478 ETH, becoming the top Ethereum holder among listed companies on Nasdaq.

The Ethereum community is also taking steps for a fresh start. The recently launched ‘Ethereum Community Foundation’ declared their goal as “breaking through $10,000 for ETH,” and announced plans for ▲grant programs ▲core team disclosures ▲upgrading support procedures, to further public infrastructure and decentralized technology investments.

"Now is a time to accumulate" vs "Price reflection uncertain"

Renowned futures trader Eugene commented, “Ethereum is currently one of the most undervalued basic assets,” noting, “If Bitcoin surpasses $110,000, there’s a high likelihood that Ethereum will rebound in tandem.” He added, “Ethereum accommodates over 90% of all stablecoins and will become core infrastructure for mainstream institutions and the financial sector.”

Jinsol Bok, a researcher at Populus, said, “Currently, whenever banks, institutions, or companies pursue blockchain projects, the first network they consider is Ethereum,” adding, “In addition to on-chain qualities like technical stability, decentralization, and liquidity, various tokenization businesses operate with Ethereum at the center.”

He continued, “If the traditional financial market transitions to a blockchain-based system, Ethereum’s ecosystem will most likely be at the center,” and predicted, “Currently, about $540 billion in assets are on Ethereum, and the economic scale will grow even faster going forward.” However, he cautioned, “Such growth momentum doesn’t directly translate to token prices,” and added, “Even though foundations and institutions are strengthening the Ethereum narrative, it remains to be seen whether this will reflect in price.”

Ryan Yoon, co-lead of Tiger Research, warned against excessive Ethereum optimism. Yoon commented, “There are actually not a few traders who no longer regard Ethereum as a core asset,” pointing out, “Although the foundation began rebuilding around ETHCC, it’s unclear whether this will lead to substantial contributions.” He added, “Currently, Ethereum’s issuance exceeds its burn, so it is in an inflationary state. Addressing this will require expansion of stablecoins,” and further noted, “It may serve as a security layer, but whether this directly results in price growth is a separate issue.”