Peter Schiff, vocal spokesman for gold and a long -time critic of cryptocurrencies and bitcoin
said he intends to launch his own gold-supported token while taking a tomb for the value of US dollar-pegged stableecoins.
“I get Bitcoin, but not US dollar stablecoins,” Sending Schiff on Friday at X. “If you want to introduce a third-party custodian, why settle for a token supported by a defective Fiat-currency like the dollar when you can own a hilly out of gold?”
In a response to a user who encouraged him to launch a gold -supported stableecoin, Schiff confirmed: “They already exist. But I intend [sic] To launch my own. “
His remarks come when the US Senate adopted the so-called genius to regulate the rapidly growing stablecoin sector, a type of digital currency with prices rooted in an external asset, such as Fiat currencies. StableCOin market sponged over $ 260 billion, with Citi expected it to be a $ 3.7 trillion asset class by the end of the decade.
These symbols have become an important piece of trade infrastructure and are increasingly popular for cross -border payments and transfers. The market is dominated by US dollar -supported tokens such as Tether’s Usdt and Circle’s USDC.
Gold -backed tokens meanwhile, but growing segment with a market size of about $ 2 billion. Unlike Fiat-supported stableecoins, the gold tokens are mostly used as a value of value, like their physical version, but on blockchain rails. However, there are ongoing efforts to bring more tools to gold tokens in decentralized financing applications, for example, using as collateral for loans.
Read more: StableCOin Protocol USDT0 aims to bring tokenized gold closer to Defi
