VanEck CEO: Ethereum is the "Wall Street Token", the development of stablecoins drives the demand for Ethereum from Financial Institutions.

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On August 28, VanEck CEO and President Jan F. van Eck stated in an interview with FOX that Ethereum is what I call the "Wall Street Token." With the emergence of stablecoins, every bank—indeed, every Financial Service company—must find a way to accept stablecoins. If I want to transfer stablecoins to you, your bank has to figure it out, otherwise you will go to another institution that can handle it. "Those Wall Street people will eventually turn around and ask: What is this thing? Which chain should I develop on? The answer is Ethereum," Jan F. van Eck said. He mentioned that Ethereum was indeed looked down upon by many during its lows earlier this year, for various reasons. VanEck also has a list of "actively managed ETFs."

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