Peter Schiff confirms plans to launch a stablcoin supported in gold

The controversial investor of the Gold Market criticized the stablecoins based on the US dollar, and confirmed plans to launch such a currency, but whose value was linked to that of precious metal.

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• The investor Peter Schiff will launch a digital token backed by gold.
• Criticizes the stablecoins anchored to the dollar as assets “Based on a defective currency.”
• The announcement coincides with the approval of the Genius Act In the US to regulate the stablecoins.

Peter Schiff, the renowned gold enthusiast and critical open in front of cryptocurrencies, He announced that he plans to launch his own token backed by precious metaljust when the United States Congress Advance in regulations applicable to the Stablecoins market.

Schiff’s statements came to place in a shared message through their X account, where the controversial investor expressed a certain discontent by the dollar -based stablcoins, preferring instead a linked to gold:

“I understand Bitcoin, but not the stablecoins in dollars”Schiff wrote on Friday at the social network X. “If you are going to use an external custodian, why settle for a token backed by a defective fiduciary currency like the dollar, when you can have one backed by gold?”

The statement was a direct response to the evolution of the stable currency market, dominated by products such as USDT USDT and USDC of Circle. These digital currencies, whose value is anchored to the US dollar, represent an essential part of trading infrastructure and cross -border payments within the crypto ecosystem.

A stablecoin linked to gold

In response to a user who urged him to create a Token backed by gold, Schiff confirmed his plans. “They already exist. But I intend to launch mine”he replied, making it clear that he will seek to compete in that emerging space.

Currently, gold -backed tokens represent a small but growing market segment. It is estimated that they have a capitalization close to USD $ 2 billion. Unlike fiduciary stablecoins, these tokens seek to function more as a value reserve than as a means of immediate exchange.

The Schiff model would join a series of initiatives that try to digitize gold through technology Blockchain, allowing its use in decentralized financial applications (Defi). Some tokens already allow their use as collateral in loans or as a guarantee in intelligent contracts.

The advance of Genius Act

The Schiff’s announcement coincides with an important legislative development in the United States. He Senate recently approved the project Genius Act, An initiative to regulate Stablecoins in the country. The law seeks to establish clear guidelines for the issuance, custody and audit of these digital assets.

The Stablecoins market has grown rapidly and currently exceeds USD $ 260,000 million. According to Citi, This kind of assets could reach a capitalization of USD $ 3.7 billion by the end of the decade, becoming a key component of the global financial system.

The existence of a more robust legal framework could, paradoxically, open the way for new stablecoins – including those backed by gold – gain legitimacy and users. For Schiff, this represents an opportunity to offer a product that, in your opinion, is backed by a tangible and reliable asset.

Persistent criticisms of Fiat coins

Schiff has been one of the most critical voices of the monetary system based on fiduciary currencies for years. He has argued that the US dollar, being disconnected from the gold pattern since 1971, has lost its ability to preserve long -term value due to inflationary policies.

With this vision, see the stablecoins backed in dollars as an incoherent solution. “If you are going to tokenize money, unless you have real backup,” He has said on multiple occasions.

His ideas have found echo among certain more conservative sectors of the crypto ecosystem, especially among those who see gold as a safe refuge against market volatility and expansive monetary policy.

Although Schiff has not yet revealed technical details about his token – such as which entity would guard the gold or if it will be based on Ethereum or another network – their participation could attract the attention of investors looking for a more stable alternative in the digital universe.

The success of your Token will depend largely on its usefulness in environments Defi, as well as the confidence that manages to inspire among skeptical users of the fiduciary currencies. For now, its initiative opens a new chapter in the debate between fiduciary value, digital value and tangible value.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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