Peter Schiff says he ‘gets bitcoin’ but not the USD-pegged stablecoins, floating a gold token plan of gold
Peter Schiff, voice proponent of gold and a Long -term critic of cryptocurrencies and bitcoin
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“I’m getting bitcoin, but not US dollar stablecoins,” Schiff Na -Post Friday to X. “If you introduce a third-party guardian, why settle for a token backed with a flawed fiat currency like dollars, if you could have a backing up by gold?”
In a response to a user who encouraged him to launch a gold -supported gold, Schiff confirmed: “They already have. But I made a wish (SIC) to launch myself.”
His comments come as US Senate passed The so-called Genius Act to repair the fast-growing stablecoin sector, a type of digital currency with prices anchored to an external property such as fiat currencies. The Stablecoin market mushrooms at over $ 260 billion, with CITI forecasting that it could be a $ 3.7 trillion asset class by the end of the decade.
These tokens have become a major piece of trading infrastructure and are especially popular for cross-border payments and remittances. The market is dominated by tokens supported by the US dollars such as Tether and USDC’s USDC.
Meanwhile, gold tokens, form a niche but growing segment with a market size of nearly $ 2 billion. Contrary to fiat-back stablecoins, gold tokens are often used as a value store, such as their physical version, but in blockchain metals. However, there are ongoing efforts to bring more utility for gold tokens to decentralized financial applications, for example using collateral for loans.
Read more: Stablecoin Protocol USDT0 aims to bring tokenized gold closer to Defi
