Peter Schiff, vocal supporter of gold and an old critic of cryptocurrencies and bitcoin
BTC$ 102,934.90
said he is planning to launch his own gold-supported token while he takes an excavation about the value of American dollar-pegged stablecoins.
“I get Bitcoin, but not the American dollar stablecoins,” Schiff posted on Friday on X. “If you are going to introduce an external custodian, why would you settle for a token supported by a poor Fiat currency like the dollar, when you are supported by gold?”
In an answer to a user who encouraged him to launch a gold -supported Stablecoin, Schiff confirmed: “They already exist. But I am planning [sic] To launch mine. “
His comments come when the US Senate adopts the so-called genius law to regulate the fast-growing stablecooid sector, a kind of digital currency with prices anchored to an external assets such as Fiat currencies. The Stablecoin market has set more than $ 260 billion, with Citi predicting that at the end of the decade it could be an asset class of $ 3.7 trillion.
These tokens have become an important piece of trade infrastructure and are increasingly popular for cross -border payments and transfers. The market is dominated by to the US dollar tokens such as Tether’s USDT and Circle’s USDC.
Golden supported tokens now form a niche but a growing segment with a market size of around $ 2 billion. In contrast to Fiat-Stunder Stablecoins, gold tokens are usually used as a store, such as their physical version, but on blockchain rails. However, there are constant efforts to bring more use for Goudtokens in decentralized financial applications, for example as collateral for loans.
Read more: Stablecoin protocol USDT0 is intended to bring tokenized gold closer to Defi
