VanEck CEO Jan van Eck has a new name for Ethereum amid escalating adoption among financial institutions following its use case for stablecoins.
Van Eck called Ethereum the “Wall Street token” in a Wednesday interview at FOX Business, citing its massive adoption in the financial scene. He highlighted that with the growing use case for stablecoins, banks and other financial service providers would be drawn to Ethereum, increasing its utility.
Meanwhile, the bullish comments followed an Ethereum resurgence, which saw a charge from April’s lows of around $2,300 to a new all-time high of $4,953 earlier this week. The quick turnaround comes from several bullish factors, including the passage of the GENIUS stablecoin bill and an incessant inflow from US Ethereum spot exchange-traded funds.
Ethereum: The Winner in New Stablecoin Buzz
Notably, stablecoins gave Wall Street its “ChatGPT moment,” according to Bitmine chairman Tom Lee, creating FOMO among major financial institutions. Van Eck noted that banks would eventually have to adopt blockchain technology to capture the stablecoin narrative or risk losing out.
The winner of this widespread adoption is Ethereum, according to the VanEck CEO. He told FOX Business that banks would have to build on the Ethereum network or any chain that “uses Ethereum-kind of methodology.”
Meanwhile, the escalating buzz around Ethereum builds on the new stablecoin legislation, which Donald Trump signed into law last month. It legitimized dollar-pegged cryptocurrencies in the United States, encouraging mainstream utility.
Furthermore, Ethereum’s dominance in the stablecoin sector places it as a major benefactor of the growing interest. The network controls over 50% of the $280 billion stablecoin market, tipped to grow to trillions of dollars in a few years.
Ethereum ETF Inflows Further Fuel Bullish Narrative
Notably, inflows into the Ethereum spot ETFs have been massive in the past weeks, further highlighting increased demand for the altcoin leader. The traction continued yesterday, with the US spot ETFs attracting $307.20 million, marking their fifth consecutive day of inflow.
During this period, the funds have recorded a cumulative inflow of $1.83 billion, surpassing that of the US Bitcoin spot ETFs by a significant margin. For context, the BTC-focused funds are on a three-day inflow streak, bringing in $388.45 million. This means that Ether ETFs have attracted over three times more than Bitcoin ETFs did in the last three trading days.
With the strong inflows, in addition to the accumulation spree of Ethereum treasury companies, analysts expect Ethereum to continue its rise to new all-time highs. Tom Lee predicted that Ether would trade at $16,000 in the near future.
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