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Monetary commentator Peter Schiff expressed his intent to launch a gold-backed stablecoin Thursday, questioning the worth of these backed by the U.S. greenback.
What Occurred: Schiff responded to a touch upon X that he ought to launch a gold-backed stablecoin.
“They exist already. However I do intend to launch my personal,” Schiff replied. Many customers quickly converged on this publish, with some even suggesting names for the initiative, similar to SchiffCoin, whereas others referred to as it a genuinely “good thought.”
It wasn’t instantly clear whether or not Schiff was making a joke or genuinely thinking about tying cryptocurrency to the asset he passionately helps. Benzinga reached out to entities linked to Schiff, similar to SchiffGold, to collect further info. The article can be up to date once they reply.
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The dialog began on his authentic publish, the place he referred to as the greenback a “flawed” fiat foreign money and as an alternative supported having a token purely backed by gold.
“I get Bitcoin, however not U.S. greenback stablecoins. In case you’re going to introduce a 3rd occasion custodian, why accept a token backed by a flawed fiat foreign money just like the greenback, when you may personal one backed by gold?,” he said.
Gold-backed stablecoins do exist, with Tether Gold (CRYPTO: XAUT) and PAX Gold (CRYPTO: PAXG) among the many most well-known. Yr-to-date, the 2 cash have gained over 28%, matching the features within the yellow metallic.
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Why It Issues: Schiff’s views on stablecoins have been clear for a while. He has expressed doubts concerning the potential of stablecoins to keep up the U.S. greenback’s dominance, suggesting their major use could be in cryptocurrency buying and selling.
