VanEck CEO Calls Ethereum ‘The Wall Street Token’ As Institutional Adoption Rises

Investment management firm VanEck’s CEO, Jan van Eck, said on Fox Business yesterday that Ethereum (ETH) is very much “the Wall Street token.” His comments come as ETH hovers near a potential new all-time high (ATH), drawing renewed attention from both retail and institutional ￰0￱ Essential For Stablecoin Transfers In a recent interview with Fox Business, VanEck CEO shared thoughts on ETH’s current momentum – both in terms of price and ￰1￱ executive said that banks must adopt the smart contract network to facilitate stablecoin ￰2￱ the uninitiated, stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a reserve asset like the US ￰3￱ combine the speed of crypto with the stability of traditional currencies, making them widely used for payments, trading, and ￰4￱ recently, banks were cautious about stablecoins due to regulatory uncertainty and their association with the broader, volatile crypto market.

However, following the passage of the GENIUS Act, attitudes have begun to ￰5￱ are now offering a clearer framework for digital asset operations, and commercial institutions are increasingly open to adopting stablecoins as part of their financial ￰6￱ on Fox Business, Jan van Eck said it is essential for banks and commercial institutions to adopt a blockchain to enable stablecoin ￰7￱ the several potential candidates, the VanEck CEO thinks Ethereum holds a competitive ￰8￱ added: So the winner is, who’s going to be building on these blockchains? It’s going to be Ethereum or something that uses Ethereum kind of methodology, which is called ￰9￱ is not the first time VanEck has highlighted Ethereum’s role in the evolving digital ￰10￱ a recent report, the firm suggested that Ethereum could one day surpass Bitcoin (BTC) as the preferred store of value, citing ETH’s declining issuance rate and expanding network utility as key ￰11￱ adoption has accelerated since Donald Trump’s victory in the November 2024 US presidential ￰12￱ state of Wyoming recently launched its own stablecoin, FRNT, marking the first such initiative by a US state government.

meanwhile, Treasury Secretary Scott Bessent projected that the stablecoin market could grow to as much as $3.7 trillion by ￰13￱ banks are also weighing in as Citigroup recently estimated the market could expand sevenfold within five ￰14￱ Adoption Outshines Bitcoin Ethereum’s broad utility continues to give it an edge over ￰15￱ BTC remains primarily a store of value and an inflation hedge, ETH powers decentralized finance (DeFi), non-fungible tokens (NFTs), and functions as a global settlement layer for digital ￰16￱ that backdrop, an increasing number of firms are actively adding ETH to their balance ￰17￱ example, SharpLink Gaming recently purchased another 56,533 ETH, increasing its total holdings close to 800,000 ￰18￱ exchange-traded funds (ETF) data also shows ETH ETFs outperforming their Bitcoin counterparts for seven consecutive ￰19￱ press time, ETH trades at $4,473, down 3.2% in the past 24 hours.