One Major Crypto Asset Has Become ‘The Wall Street Token,’ According to VanEck CEO – Here’s Why

The chief executive of the exchange-traded fund (ETF) provider VanEck says Ethereum (ETH) has become “the Wall Street token.”

Jan van Eck says in a new interview with Fox Business that Wall Street chief technology officers are choosing to build new payment products on Ethereum.

“Because of stablecoins, now every bank… and every financial services company has to have a way of taking in stablecoins. If I want to send you stablecoins, your bank has to figure it out, or you will find some other institution to do that. So the winner is… It’s going to be Ethereum or something that uses Ethereum’s kind of methodology, which is called EVM [Ethereum Virtual Machine].”

Van Eck argues that companies will need to employ technology that enables stablecoin usage in the next 12 months.

“It’ll take a while, but no financial services company will want to say, ‘No, that’s okay, don’t send me that digital dollar.’ They’re getting digital dollars in other formats, they’re going to want these digital dollars, so they have to adopt the technology.”

ETH is trading at $4,358 at time of writing. The second-ranked crypto asset by market cap is down nearly 3 in the past 24 hours and more than 9 in the past week. The asset hit a new all-time high of $4,946 on Sunday.