VanEck's CEO: "Ethereum is Wall Street's token" | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The CEO of the investment management firm VanEck, Jan van Eck, stated yesterday on Fox Business that Ethereum (ETH) is essentially "the Wall Street token". His remarks come as ETH approaches a new all-time high (ATH), once again drawing the attention of retail and institutional investors.

Ethereum, essential for stablecoin transfers

In his interview, Van Eck emphasized the importance of Ethereum not only for price performance but especially for concrete adoption. According to the CEO, banks will need to adopt Ethereum's smart contract network to facilitate transactions in stablecoins.

For those who do not know, stablecoins are cryptocurrencies pegged to a reserve ( like the US dollar ) to maintain a stable value. They offer the speed of cryptocurrencies with the stability of traditional currencies, making them ideal for payments, trading, and international transfers.

Until recently, many banks were cautious about stablecoins due to the lack of clear regulations and their association with the volatility of the crypto market. However, with the approval of the GENIUS Act, the situation has changed: regulators have provided a more defined regulatory framework, and financial institutions have begun to embrace the use of stablecoins in their infrastructure.

Speaking to Fox Business, Jan van Eck reiterated:

“To move stablecoins, banks must adopt a blockchain. And the strongest choice is Ethereum or an Ethereum-compatible technology, called EVM.”

Ethereum beyond Bitcoin?

This is not the first time that VanEck has highlighted the role of ETH in the digital economy. In a recent report, the company suggested that Ethereum could one day surpass Bitcoin as the primary store of value, thanks to the decline in its issuance and the expansion of its applications.

The adoption of stablecoins has also accelerated after Donald Trump’s victory in the USA presidential elections of November 2024. The state of Wyoming, for example, has launched its official stablecoin FRNT, the first initiative of this kind by a state government.

Treasury Secretary Scott Bessent estimated that the stablecoin market could reach $3.7 trillion by 2030, while Citigroup predicts a sevenfold growth in the next five years.

ETH: wider adoption of Bitcoin

Ethereum offers a much more diversified utility compared to Bitcoin.

• BTC is primarily seen as a store of value and a hedge against inflation.
• ETH, on the other hand, powers decentralized finance (DeFi), NFTs, and serves as a global infrastructure for digital payments.

More and more companies are adding ETH to their balance sheets. SharpLink Gaming, for example, has purchased an additional 56,533 ETH, bringing its reserves to nearly 800,000 tokens.

SOURCE: SoSo ValueThe latest data on ETFs confirms the trend: for seven consecutive days, Ethereum ETFs have outperformed Bitcoin ETFs.

At the time of writing, ETH is trading at $4,473, down 3.2% in the last 24 hours.

SOURCE: TRADING VIEW

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