Ethereum named Wall Street Token by VanEck CEO
Jan van Eck, CEO of asset management firm VanEck, said Ethereum will become the primary blockchain for bank-to-bank stablecoin transactions during a Fox Business interview. He called Ethereum "very much the Wall Street token" as U.S. financial institutions prepare to support regulated digital dollar payments.
Van Eck argued that banks need to adopt stablecoin technology within the next 12 months or risk losing clients. He emphasized that companies should implement systems to support stablecoin transactions on the same timeline. Banks, he noted, are increasingly reluctant to turn away digital-dollar payments.
Ethereum is identified by Van Eck as the preferred settlement layer since developers and institutions already build applications on the network and compatible chains. While acknowledging that other blockchains could serve roles in stablecoin infrastructure, he expects Ethereum or Ethereum-compatible systems to handle most bank-grade transactions.
Ethereum is identified by Van Eck as the preferred settlement layer since developers and institutions already build applications on the network and compatible chains. While acknowledging that other blockchains could serve roles in stablecoin infrastructure, he expects Ethereum or Ethereum-compatible systems to handle most bank-grade transactions.
The comments follow the recent passage of the GENIUS Act, America's first federal stablecoin law. The legislation creates national rules for dollar-backed tokens, establishes reserve requirements and disclosure standards, and specifies which entities can issue payment stablecoins.
The GENIUS Act resolved longstanding questions about stablecoin oversight and issuer requirements. The law requires stablecoins to maintain 1:1 backing through cash reserves or short-term Treasury securities. Industry surveys show many banks and fintechs were already using or piloting stablecoins before the GENIUS Act.
Stablecoin circulation has reached nearly $280 billion according to DeFiLlama data, reflecting growth alongside new regulatory framework and corporate adoption programs. Recent market data also supports increased institutional focus on Ethereum.
Spot Ether exchange-traded funds have recorded stronger net inflows than Bitcoin funds across multiple trading sessions over the past week. VanEck operates a spot Ether ETF among several ETH-linked products now available to regulated U.S. investors.
While TRON currently dominates retail stablecoin transfers, Van Eck's focus on institutional banking adoption positions Ethereum as the preferred choice for Wall Street's regulated stablecoin infrastructure.
The GENIUS Act resolved longstanding questions about stablecoin oversight and issuer requirements. The law requires stablecoins to maintain 1:1 backing through cash reserves or short-term Treasury securities. Industry surveys show many banks and fintechs were already using or piloting stablecoins before the GENIUS Act.
Stablecoin circulation has reached nearly $280 billion according to DeFiLlama data, reflecting growth alongside new regulatory framework and corporate adoption programs. Recent market data also supports increased institutional focus on Ethereum.
Spot Ether exchange-traded funds have recorded stronger net inflows than Bitcoin funds across multiple trading sessions over the past week. VanEck operates a spot Ether ETF among several ETH-linked products now available to regulated U.S. investors.
While TRON currently dominates retail stablecoin transfers, Van Eck's focus on institutional banking adoption positions Ethereum as the preferred choice for Wall Street's regulated stablecoin infrastructure.
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