Jan van Eck, CEO of investment firm VanEck, suggested that Ethereum could emerge as the main blockchain of choice as banks gear up for a wave of stablecoin adoption.
Speaking to Fox Business on Wednesday, van Eck argued that financial institutions will need to rely on a blockchain to process stablecoin transactions, and Ethereum is best positioned for the role.
“It’s what I like to call the Wall Street token. Because of stablecoins, every bank and financial services company will now need a system to accept and manage them, and Ethereum looks like the natural fit.”
Jan van Eck
In July, the U.S. House approved the Genius Act, and President Donald Trump signed it into law, marking the nation’s first federal legislation dedicated solely to payment stablecoins. The new law sets a regulatory framework for how these digital dollar tokens can be issued and used. At the same time, the overall supply of stablecoins has surged past $280 billion, highlighting their growing role in global finance.
Ethereum as the Preferred Blockchain for Banks
Eck warned that as more companies move toward using stablecoins, banks will have no choice but to adapt or risk being left behind.
“If I want to send you stablecoins, your bank has to figure it out, or you will find some other institution to do that.”
He added
His remarks come as little surprise, given that VanEck itself manages an Ether-based exchange-traded fund, which received approval from the U.S. Securities and Exchange Commission in July 2024.
Ethereum’s momentum has also been reinforced by a growing trend of corporations adding Ether to their treasuries, strengthening its position as a key blockchain for financial adoption.
