Why VanEck CEO Calls Ethereum ‘The Wall Street Token’ ⋆ ZyCrypto

Jan van Eck, the CEO of investment management firm VanEck, believes that Ethereum will be at the very center of the stablecoin bonanza that is currently taking over banking institutions. 

Ethereum To Power Stablecoin Bank Transfers?

Speaking to Fox News Business on Wednesday, van Eck suggested that banks and financial services will have to adopt a blockchain to handle stablecoin transactions, and he expects Ethereum to be the one.

“It’s going to be Ethereum or something else that uses Ethereum’s kind of methodology called EVM,” van Eck posited.

In July, the US House passed the Genius Act, which President Donald Trump signed into law shortly afterward. The legislation focuses on stablecoins and is the nation’s first federal law for stablecoins and defining them explicitly as payment instruments. Meanwhile, total stablecoin supply currently stands at $283 billion, according to CoinGecko data.

The VanEck CEO also forecasted that with many companies making moves toward embracing stablecoins, banks will need to adapt or risk being left behind.

“Companies have to employ technology to enable stablecoin usage over the next 12 months. It will take a while, but no financial services company wants to say, ‘no, don’t send me that digital dollar,’” van Eck opined.

“If I want to send you stablecoins, your bank has to figure it out, or you will find some other institution to do that.”

Major banks and card networks have already forayed into the stablecoin space. And fintech leaders from Stripe to Shopify are adopting stablecoins to power global, cheap, and instantaneous transactions.

President Trump’s second-oldest son, Eric Trump, shared similar views back in April, but went further and stated that banks will go extinct in 10 years if they refuse to adopt crypto. At the time, he criticized the existing cross-border transaction solutions, such as the global international messaging network SWIFT, which has often been slammed for its slow and expensive transactions.

That being said, many industry pundits are bullish on wider crypto adoption by banks in 2025 amid nation-states like the US pushing a more crypto-friendly agenda.