Ethereum could become the default blockchain for banks as they brace for a surge in stablecoin adoption, according to VanEck CEO Jan van Eck.
Speaking on Fox Business, he argued that financial institutions will have no choice but to integrate stablecoin infrastructure, and Ethereum is best positioned to serve that role.
“It’s very much what I call the Wall Street token,” van Eck said, suggesting that either Ethereum or Ethereum-compatible networks will ultimately carry the bulk of stablecoin transactions. “If I want to send you stablecoins, your bank has to figure it out — or you’ll use another institution that will.”
Stablecoins Enter the Regulatory Spotlight
His comments come just weeks after President Donald Trump signed the Genius Act, the first federal law dedicated to payment stablecoins, into effect. With total stablecoin supply now topping $280 billion, banks and financial service providers are under pressure to adapt.
Enterprise surveys reflect this shift: a May report from Fireblocks found that 90% of institutional players are exploring stablecoin use in their operations, signaling widespread adoption is on the horizon.
Ethereum’s Market Momentum
VanEck’s position on Ethereum isn’t surprising given the firm manages an Ether ETF, approved by the SEC in mid-2024, which currently oversees $284 million in assets. The fund tracks ETH’s price without holding the asset directly.
Ethereum has also gained traction as corporations move to hold Ether in their treasuries. Over the past month alone, firms such as BitMine and SharpLink have added more than $6 billion worth of ETH.
Van Eck’s remarks followed a new milestone for the token: Ether hit an all-time high above $4,946 earlier this week before easing to around $4,566.
Crypto’s Role in Banking’s Future
The VanEck CEO isn’t the only one predicting banks must evolve. In April, Eric Trump — executive vice president of the Trump Organization — warned that banks refusing to embrace crypto could be “extinct in 10 years.”
For van Eck, however, the focus is narrower: stablecoins will define the next chapter of finance, and Ethereum will be the chain that Wall Street builds on.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/banks-must-embrace-ethereum-or-lose-out-in-the-stablecoin-era-says-vaneck/