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- VanEck CEO says banks must adopt blockchain for stablecoin transfers within 12 months.
- Ethereum positioned as the “Wall Street token” for financial institutions.
- Stablecoin supply now exceeds $280B, fueling institutional adoption.
Jan van Eck, CEO of global investment firm VanEck, has warned that banks have just 12 months to adopt blockchain technology to handle stablecoin transfers—or risk being left behind. Speaking on Fox Business, van Eck argued that Ethereum is best positioned to dominate this shift, calling it the clear “winner” as financial services prepare for a surge in stablecoin adoption.
Van Eck described Ethereum as the “Wall Street token,” emphasizing that financial institutions will need reliable infrastructure to process digital dollar payments. “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 said.
Stablecoin Growth and New Regulations
The comments come as stablecoins are gaining unprecedented momentum. The total stablecoin supply recently surpassed $280 billion, with institutional adoption accelerating rapidly. A May 14 report by Fireblocks revealed that 90% of institutional players are actively exploring stablecoin integration.
In parallel, U.S. policymakers have passed the Genius Act, the nation’s first federal law regulating payment stablecoins, which President Donald Trump signed into law last month. This regulatory clarity is expected to spur broader adoption by banks and corporations.
Ethereum’s Advantage in the Shift
Ethereum’s strong developer ecosystem and widespread institutional support make it a frontrunner in the coming stablecoin era. VanEck itself launched an Ether ETF in July 2024, which has attracted more than $284 million in assets. The fund tracks the price of Ether, which recently hit a new all-time high of $4,946 before retreating slightly.
Bitwise CIO Matt Hougan noted earlier this year that treasury adoption has been a game-changer for Ethereum, helping institutional investors understand and embrace the asset. Over the past month alone, corporate treasuries have purchased more than $6 billion worth of Ether.
As banks weigh their digital strategies, van Eck’s message is clear: embracing Ethereum and stablecoin infrastructure is no longer optional. With regulation, institutional demand, and corporate treasury adoption accelerating, financial institutions that fail to adapt risk losing relevance in the next phase of digital finance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
