VanEck Ethereum news shows banks pressured as stablecoin adoption gro

Ether Positioned as the “Wall Street Token”

The recent VanEck Ethereum news has created waves in the world of crypto as the CEO of investment management firm, Jan VanEck believes that Ether will emerge as the leading blockchain for stablecoin adoption as banks and financial services prepare for digital dollar transactions.

In a recent interview with Fox Business shared on X handle, he said that banks must integrate stablecoin technology soon or risk losing customers.

Source: X

Referring to VanEck Ethereum news explained that, “It’s very much what I call the Wall Street token,” suggesting that financial institutions will naturally choose Ether or Ether-compatible chains for handling stablecoins payments

U.S. Legislation and Rising Stablecoin Supply

VanEck Ethereum news came after the U.S. House of Representatives passed the Genius Act later signed into law by President Donald Trump. This is the country’s first federal legislation focused specifically on payment stablecoins.

Meanwhile the global stablecoin supply has surged past $280 billion, showing rising demand from institutions and retail users alike, according to the data of Defillama .

Source: Defillama

A report published on May 14 by Fireblocks revealed that 90% of institutional players are actively exploring stablecoin integration within their systems.

VanEck Ethereum news: Banks Under Pressure to Adapt

With corporations and individuals increasingly transacting in stablecoins the traditional banks are being forced to modernize their infrastructure. VanEck Ethereum news emphasized that no financial services company can afford to reject digital dollars, noting:

“If I want to send you stablecoins, your bank has to figure it out, or you will find some other institution to do that.”

Similar warnings came earlier this year from Eric Trump who is the executive vice president of the Trump Organization, who said banks that fail to adopt crypto risk extinction within the next decade.

Ether ETF and Corporate Adoption

VanEck Ethereum news itself is deeply tied to Ether’s growth, having launched an Ether-based ETF in July 2024 after securing SEC approval. The product tracks ETH’s price as of Wednesday, managing over $284 million in assets.

ETH’s momentum has been further boosted by corporate treasury adoption. Over the past month, companies have acquired more than $6 billion worth of ETH with BitMine and SharpLink among the biggest buyers.

Ether also hit a fresh all-time high of $4,946 in August, before pulling back slightly to around $4,566. And at the time of writing the coin is trading at $4,608 with a 0.52% rise in 24 hours.

Source: CoinMarketCap

Conclusion

VanEck statement highlights how the blockchain has become central to the stablecoin discussion , especially with regulatory clarity now emerging in the U.S. As banks and institutions face mounting pressure to integrate digital dollar payments, the coin stands out as the default infrastructure.