VanEck CEO Predicts Rise of ‘Super Apps’ Like Robinhood, Kraken and X Will Put Pressure on TradFi’s Payments System
The chief executive of exchange-traded fund (ETF) provider VanEck is predicting that “super apps” will challenge traditional finance’s payments system.
In a new interview with CNBC Television, VanEck CEO Jan Van Eck says that apps that offer support for stablecoins will soon begin to put pressure on traditional methods of payments.
According to Van Eck, since stablecoins skip out on intermediaries such as Visa and Mastercard that charge about 3% in fees for payments, the super apps could serve as viable alternatives.
“I definitely think that this will put cost pressure on the payments system because it is cheaper and allows all these competitors to come into the market, whether it’s a Kraken, whether it’s a Robinhood, whether it’s an X, there are going to be a lot of super apps.”
On Friday, President Trump signed into law the GENIUS Act, which establishes a stringent regulatory framework for firms issuing payment stablecoins.
Van Eck goes on to note that while the stablecoin issuer Circle has done well so far this year, new competition is gearing up to enter the space.
“It’ll be several quarters before it’ll impact earnings, either to the positive or the negative. But stocks are kind of moving in anticipation of that right now.
And you see the incumbents – Ethereum has had a great month; Circle, the one public stablecoin company, has had a great run since its IPO (initial public offering). The market is getting ahead of it, but those are just the incumbents; there are going to be a lot of competitors entering into this space.”
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