VanEck CEO Calls Ethereum the “Wall Street Token” as Stablecoin Adoption Rises

Jan van Eck, the CEO of global investment management firm VanEck, believes Ethereum will emerge as the leading blockchain as banks and financial institutions prepare for widespread stablecoin ￰0￱ in an interview with Fox Business on Wednesday, van Eck argued that traditional finance cannot ignore the coming wave of stablecoin transactions and will eventually need to build on Ethereum or similar systems. “It’s very much what I call the Wall Street token,” he said, explaining that the future of banking will require seamless acceptance and settlement of stablecoins. “The winner is going to be Ethereum or something that uses Ethereum’s methodology, known as ECM.” His remarks come as the ￰1￱ closer to a regulated framework for ￰2￱ month, Congress passed the Genius Act , the country’s first federal law dedicated to payment stablecoins, which was later signed into law by President Donald ￰3￱ timing is significant: stablecoin supply has now surpassed $280 billion, underscoring their growing role in global ￰4￱ Face Pressure to Adapt Van Eck suggested that as corporate adoption of stablecoins grows, banks that fail to adjust could lose relevance.

A May 14 survey by Fireblocks revealed that 90% of institutional players are already exploring stablecoin usage in their operations. “Companies have to employ technology to enable stablecoin usage over the next 12 months,” van Eck said, adding that no institution wants to reject digital dollar transfers. “If I want to send you stablecoins, your bank has to figure it out, or you will find another institution that will.” The sentiment has been echoed elsewhere in the financial ￰5￱ this year, Eric Trump, executive vice president of the Trump Organization, warned that banks unwilling to adopt crypto could face extinction within a ￰6￱ ETFs and Corporate Treasury Momentum Van Eck’s confidence in Ethereum aligns with his firm’s own ￰7￱ July 2024, the ￰8￱ and Exchange Commission approved VanEck’s Ether exchange-traded fund (ETF), which tracks the price of ETH without holding the asset ￰9￱ product has since grown to more than $284 million in assets under management.

meanwhile, Ethereum’s broader market appeal is being reinforced by corporate ￰10￱ the past month, companies including BitMine and SharpLink have collectively purchased more than $6 billion worth of ￰11￱ buying spree coincides with ETH reaching a new all-time high of $4,946 on Sunday, before easing slightly to $4,566 at the time of writing, according to CoinGecko.