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Ethereum may emerge as the dominant blockchain for stablecoins, according to Jan van Eck, CEO of investment giant VanEck. Speaking to Fox Business, van Eck argued that banks and financial services will be forced to adopt blockchain technology to handle the rapid growth of stablecoins — now worth over $280 billion in circulation. He called Ethereum “the Wall Street token,” predicting it will be the backbone of future financial transactions.
Van Eck pointed to the new U.S. Genius Act, recently signed into law, which regulates payment stablecoins at the federal level. He emphasized that no bank or institution can afford to reject stablecoin payments, saying companies must integrate digital dollar technology within the next year or risk losing business. A Fireblocks survey supports this view, showing 90% of institutional players are exploring stablecoin adoption.
The remarks come as Ethereum recently hit a record high above $4,946. VanEck, which manages an Ether ETF approved by the SEC, currently holds over $284 million tied to ETH prices, highlighting the growing confidence of traditional finance in crypto markets.
