Peter Schiff, a vocal proponent of gold and a critic for a long time of cryptocurrencies and bitcoins
He said he intends to launch his own tab backed by gold while cava to the value of the stable of the US dollar.
“I get Bitcoin, but not the US dollar stable,” Schiff published on Friday in X. “If you are going to present a third -party custodian, why settle for a file backed by a fiduciary currency like the dollar, when you can possess one backed by gold?”
In an answer to a user who encouraged him to launch a stablcoin backed by gold, Schiff confirmed: “They already exist. But I intend [sic] To launch mine. “
Their comments occur when the United States Senate approved the so -called Genius law to regulate the rapid stablecoin sector, a type of digital currency with prices anchored to an external asset such as Fiat currencies. The Stablecoin market shuddered more than $ 260 billion, with Citi predicting that it could become a class of $ 3.7 billion assets for the end of the decade.
These tokens have become a key piece of commercial infrastructure and are increasingly popular for cross -border payments and remittances. The market is dominated by tokens backed by dollars such as the USDT of Tether and the USDC of Circle.
The chips backed by gold, meanwhile, constitute a niche but growing segment with a market size of around $ 2 billion. Contrary to the stable backed by Fiat, gold sheets are mainly used as a value reserve, such as their physical version, but in blockchain rails. However, there are continuous efforts to bring more utility for gold tokens in decentralized financial applications, for example, using as a guarantee for loans.
Read more: Stablecoin USDT0 protocol aims to bring tokenized gold to defi
