1 week ago
Peter Schiff, vocal proponent of golden and a longtime critic of cryptocurrencies and bitcoin BTC, said helium intends to motorboat his ain gold-backed token portion taking a excavation astatine the worth of U.S. dollar-pegged stablecoins.
“I get bitcoin, but not U.S. dollar stablecoins,” Schiff posted Friday connected X. “If you're going to present a third-party custodian, wherefore settee for a token backed by a flawed fiat currency similar the dollar, erstwhile you tin ain 1 backed by gold?"
In a reply to a idiosyncratic who encouraged him to motorboat a gold-backed stablecoin, Schiff confirmed: "They already exist. But I bash intent [sic] to motorboat my own."
His remarks travel arsenic the U.S. Senate passed the alleged GENIUS Act to modulate the rapidly increasing stablecoin sector, a benignant of integer currency with prices anchored to an outer plus specified arsenic fiat currencies. The stablecoin marketplace mushroomed to implicit $260 billion, with Citi forecasting that it could go a $3.7 trillion plus people by the extremity of the decade.
These tokens person go a cardinal portion of trading infrastructure and are progressively fashionable for cross-border payments and remittances. The marketplace is dominated by U.S. dollar-backed tokens similar Tether's USDT and Circle's USDC.
Gold-backed tokens, meanwhile, marque up a niche but increasing conception with a market size of astir $2 billion. Contrary to fiat-backed stablecoins, golden tokens are mostly utilized arsenic a store of value, similar their carnal version, but connected blockchain rails. However, determination are ongoing efforts to bring much inferior for golden tokens successful decentralized concern applications, for illustration utilizing arsenic collateral for loans.
Read more: Stablecoin Protocol USDT0 Aims to Bring Tokenized Gold Closer to DeFi
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