Ether Poised to Dominate Stablecoin Era: It Crowned the “Wall Street Token”
As banks get ready for an influx of stablecoins, Jan van Eck, CEO of investment management company VanEck, predicted that Ethereum would emerge as the blockchain’s clear winner. Van Eck stated in a Wednesday interview with Fox News Business that in order to handle stablecoin transactions, banks and financial institutions will need to implement a blockchain. Ethereum, in his opinion, is the best choice for this.
It’s very much what I call the Wall Street token. And what I mean by that is, if you think that because of stablecoins, now every bank and every financial services company has to have a way of taking in stablecoins. So the winner is, who’s going to be building on these blockchains? It’s going to be Ethereum or something that uses Ethereum kind of methodology, which is called ECM.
van Eck
VanEck CEO Warns Banks: Adapt to Stablecoins or Be Left Behind
According to the CEO of VanEck, banks will have to change or risk losing out as more businesses try to embrace stablecoins. On the other hand, 90% of the institutional participants polled in a May 14 report by enterprise-grade digital assets platform Fireblocks are considering integrating stablecoins into their operational processes.
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.’ If I want to send you stablecoins, your bank has to figure it out, or you will find some other institution to do that.
van Eck
In April, US President Donald Trump’s son, Eric Trump, executive vice president of the Trump Organization, said the same thing. He went further, though, saying that banks won’t exist in ten years unless they embrace cryptocurrency.
VanEck’s Ethereum ETF Gains Spotlight After ETH Breaks Record Levels
Van Eck made his remarks as Ether, according to CoinGecko, hit a new all-time high on Sunday, surpassing $4,946. At the time of writing, the token was trading at $4,593, down 0.06% over the previous day. Given that VanEck, Jan van Eck’s business, offers an exchange-traded fund based on Ether, his remarks were to be expected. In July 2024, the US Securities and Exchange Commission authorized the company to introduce the investment product. It doesn’t actually contain Ether; it just watches its price
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