Jan Van Eck, CEO of the investment management company Vaneck, recently described Ethereum as “the Wall Street token” while speaking of its overvoltage this quarter.
In an interview with Fox News Business this week, Van Eck said that with the rise of stabbed, each banking and financial services company now needed infrastructure to treat them.
Ethereum Wall Street
Van Eck explained that if a person wanted to send stablecoins, the beneficiary’s bank must either manage this transaction directly, or rely on another institution to do so. According to Van Eck, the real winners of this transition will be the blockchains that will provide the foundation of these transactions.
He thinks that Ethereum, or other networks built on his methodology of Ethereum virtual machine (EVM), will be central in the conduct of this new financial architecture.
“If I want to send you stablecoins, your bank must understand it, or if you find another institution to do so. The winner is, who will rely on these blockchains? It will be Ethereum or something that uses the methodology of Ethereum, which is called EVM.”
The Stablecoins regulatory landscape has witnessed a huge change with the adoption of the National Innovation Act and the creation of the National Innovation Act (Genius Act), which was promulgated on July 18 of this year.
As the first federal legislation of gender, the law provides a framework to ensure that stablecoins are transparent, fully supported and securely integrated into the American financial system.
Post-genius
The reaction of the engineering market was rapid. Cryptocurrency recently reported that Binance’s Stablecoin reserves increased from $ 32 billion to $ 36 billion shortly after the law approval.
Institutions also accelerate their push in this sector. Stripe, for its part, supports Stablecoin payments in more than 100 countries and develops its own layer 1 blockchain to control the payment rails. Circle, fresh out of a successful IPO, is developing beyond the issue with its Circle Payment Network (CPN) and a 1 owner 1 where the USDC will be the native asset.
Even traditional giants adapt – Visa has recently introduced Stablecoin settlement API to support world payments 24 hours a day. Its rival, Mastercard, has teamed up with OKX and Nuvei earlier this year to support the world’s Payments of Stablecoin, allowing users to pass portfolios and merchants accept USDC.
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