Investment management company VanEck's CEO Jan van Eck speculated that Ethereum will emerge as the clear "winner" in the blockchain space as banks prepare for the surge of stablecoins.
In an interview with Fox News Business on Wednesday, van Eck stated that banks and financial service institutions will have to adopt blockchain to handle stablecoin transactions, and he believes Ethereum should be the preferred choice.
Jan van Eck said, "This is exactly what I call the Wall Street token. I mean, with the emergence of stablecoins, every bank and every financial service company now has to have a way to accept stablecoins."
“Ethereum is the Wall Street token,” says @JanvanEck3. pic.twitter.com/9NAqjh8r0x
Last month, the U.S. House of Representatives passed the "Genius Act," which President Donald Trump subsequently signed into law. This legislation focuses on stablecoins and is the first federal law in the U.S. specifically addressing payment stablecoins. Meanwhile, the total supply of stablecoins has just surpassed $280 billion.
The CEO of VanEck also predicted that as many companies strive to adopt stablecoins, banks will need to adapt or risk being eliminated.
Enterprise-level digital asset platform Fireblocks released a report on May 14, finding that 90% of surveyed institutional investors are exploring the use of stablecoins in their businesses.
"In the next 12 months, companies must adopt relevant technologies to support the use of stablecoins. This will certainly take some time, but no financial service company will say, 'No, don't send me that digital dollar,'" van Eck said.
Eric Trump, executive vice president of the Trump Organization and son of President Donald Trump, made similar remarks in April, going further to state that banks must adopt cryptocurrencies or they will disappear within a decade.
Jan van Eck's comments are predictable, as his company VanEck offers Ethereum-based exchange-traded funds. The company received approval from the U.S. Securities and Exchange Commission (SEC) to launch this investment product in July 2024.
The fund only tracks the price of Ethereum (ETH) and does not directly hold ETH. As of August 27, the fund held over $284 million in assets.
van Eck's comments come as Ethereum recently hit new highs. According to CoinGecko data, ETH surpassed $4,946 on Sunday, setting a new all-time high. The token is currently trading at $4,566, down 1% in the last 24 hours.
Ethereum has gained significant momentum through enterprises incorporating ETH into their treasuries.
Bitwise Chief Investment Officer Matt Hougan told Cointelegraph in July that treasury adoption addressed Ethereum's narrative issue by packaging digital assets in a way that traditional investors understand, attracting more capital.
In the past month, corporate treasury companies have purchased over $6 billion in ETH, with BitMine and SharpLink being the most active buyers.
Related: $5 billion in Ethereum options expire this Friday; will $5,000 ETH follow?
Original article: “VanEck CEO Calls Ethereum (ETH) the ‘Wall Street Token,’ Will Become the Preferred Choice for Bank Stablecoin Transactions”
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