Peter Schiff, vocal supporter of gold and a longtime criticism of cryptocurrencies and bitcoin
said he intended to launch his own gold token while doing a search at the value of American stablecoins.
“I receive Bitcoin, but not the stablescoins of the US dollar,” posted Schiff on Friday on X. “If you want to present a third -party goalkeeper, why settle for a token supported by a defective fiduciary currency like the dollar, when you can own a supported gold?”
In a response to a user who encouraged him to launch a stablecoin to support gold, Schiff confirmed: “They already exist. But I am on intention [sic] To launch mine. “”
His remarks come as long as the American Senate adopted the so-called Genius Act to regulate the rapidly growing stable sector, a type of digital currency with prices anchored to an external asset such as fiduciary currencies. The Stablecoin market has grown more than $ 260 billion, Citi providing that it could become an asset class of 3.7 dollars by the end of the decade.
These tokens have become a key element of the commercial infrastructure and are increasingly popular for payments and shipments of cross -border funds. The market is dominated by tokens supported in US dollars like USDT from Tether and USDC from Circle.
Golden back tokens are a niche segment but growing with a market size of around $ 2 billion. Unlike the stablescoins on Fiat back, gold tokens are mainly used as a value reserve, as their physical version, but on blockchain rails. However, there are continuous efforts to provide more use for gold tokens in decentralized financial applications, for example using as guarantee for loans.
Read more: Stablecoin USDT0’s protocol aims to bring the tokenized gold closer to deffi
