From Digital Assets to 'Wall Street Tokens' - ETH Drives New Changes in Stablecoin Financial Payments
Recently, Jan van Eck, CEO of investment management company VanEck, described Ethereum's price surge this quarter as 'Wall Street tokens,' a view that has sparked widespread attention in the market regarding Ethereum's new role in the financial sector.
Van Eck pointed out that as stablecoins become more popular, banks and financial institutions must be equipped to handle stablecoin transactions. Ethereum and the EVM ecosystem play a core role in the transformation towards a regulated, stablecoin-driven financial system, while the underlying blockchain infrastructure will become a key winner.
In an interview, Van Eck emphasized that whether banks handle transactions directly or rely on third parties, the real beneficiaries will be the underlying blockchain architecture that supports these transactions. He believes that Ethereum or networks adopting the EVM architecture are most likely to become the core of the new generation of the global financial system.
This transformation has received support from U.S. policy. In July this year, the 'GENIUS Act' officially took effect, becoming the first federal legislation on stablecoins in the U.S., setting a framework for transparency, adequate reserves, and secure integration into the existing financial system.
Since the passage of this act, Binance's stablecoin reserves have surged from $32 billion to $36 billion. Institutions have also accelerated their layouts; for example, Stripe supports stablecoin payments in over 100 countries and is developing its own Layer 1 chain. Meanwhile, Circle, after completing its IPO, is expanding its business scope through its proprietary payment network CPN and its proprietary Layer 1, aiming to make USDC its default stablecoin asset.
Moreover, traditional payment giants are also actively responding. Visa launched a stablecoin settlement API to support around-the-clock global payments; Mastercard partnered with OKX and Nuvei to enable users to spend stablecoins through wallets and assist merchants in accepting USDC.
In summary, the movements of these enterprises, institutions, and giants collectively indicate that a new financial system centered around stablecoins and based on Ethereum-like blockchains is taking shape.
