Peter Schiff Plans to Launch Gold-Backed Token Amid Stablecoin Regulation
Peter Schiff plans to launch a gold-backed token, criticizing U.S. dollar-pegged stablecoins. He stated that if a third-party custodian is necessary, backing with gold is preferable to fiat currencies.
- Schiff confirmed intentions to create his own gold-backed stablecoin, acknowledging existing options.
- The U.S. Senate passed the GENIUS Act to regulate the stablecoin sector, which has surged to over $260 billion.
- Citi predicts the stablecoin market could grow to $3.7 trillion by the decade's end.
- Gold-backed tokens represent a niche market with a size of approximately $2 billion, primarily serving as a store of value.
- Efforts are underway to enhance the utility of gold tokens in decentralized finance applications.