VanEck CEO Labels Ethereum as ‘Wall Street’s Token’

Ethereum is set to become banks' main network due to stablecoin adoption, says VanEck's CEO.

Ethereum is poised to become the primary network for banks due to the increasing adoption of stablecoins, according to Jan van Eck, CEO of investment firm VanEck.

“Ethereum is the Wall Street token,” says @JanvanEck3. pic.twitter.com/9NAqjh8r0x

— VanEck (@vaneck_us) August 27, 2025

Van Eck believes that banks and financial companies will need to use blockchain to handle “stablecoins.” He described the second-largest cryptocurrency by market capitalization as “Wall Street’s token,” which is best suited for this purpose. In his view, Ethereum or a network with a similar architecture will emerge as the winner in this race.

He emphasized that companies should adopt the technology to use stablecoins within the next 12 months. Van Eck is convinced that no financial organization will want to forgo accepting “digital dollars.” If a bank cannot conduct such transactions, clients will seek other firms.

According to a recent report by Fireblocks, 90% of surveyed institutional players are already exploring the use of stablecoins. 

The total market capitalization of these assets has exceeded $283 billion, according to CoinGecko. Earlier, the US passed the GENIUS Act, regulating payment “stablecoins.”

VanEck offers an exchange-traded fund based on Ethereum. The SEC approved the launch of the product in 2024. At the time of writing, the fund manages assets worth over $284 million, as reported.

Van Eck’s statements come amid Ethereum’s growth. In August, the asset reached a new all-time high above $4946. The cryptocurrency’s popularity is also bolstered by purchases from large companies. Over the past month, corporate treasuries have acquired ETH worth more than $6 billion.

At the time of writing, the second-largest cryptocurrency by market capitalization is trading at $4608. Over the week, the coin’s price has increased by 7.7%.

Back in August, whale rotations in Ethereum increased pressure on digital gold.