#PeterSchiff wants to launch a stablecoin backed by gold
Financial commentator Peter Schiff said he intends to create his own stablecoin backed by gold - as opposed to tokens pegged to the dollar.
🔍 What happened:
- Schiff called the dollar an “imperfect” fiat currency.
- He believes that if a third-party custodian is to be introduced, it is better to choose gold rather than the dollar.
- In response to a comment in X, he confirmed: “I intend to launch my own.”
💡 Context:
- Gold stablecoins already exist - Tether Gold (XAUT), PAX Gold (PAXG) - and have grown by more than 28% since the beginning of the year.
- Schiff has long been critical of the dollar and doubts the ability of stablecoins to maintain its dominance.
- His statement came amid the discussion of a bill on stablecoins in the United States.
