“The Vocal Crypto and Bitcoin Critic Advocated for Gold-Backed Stablecoins Insthead of Us Dollar-PEGGED ONES, AND HE Plans to Launch One Himseld.”, – WRITE: www.coindesk.com
said he intends to launch his own gold-backed token while toring a dig at the Value of US dollar-pegged stablecoins.
“I get bitcoin, but not US dollar stablecoins,” Schiff Posted Friday on X. “if you’re going to introduce a Third-Party Custodian, WHY SETTLE FOR AKACED BYCED BY A FIKED. Dollar, WHEN YOU CAN OWN ONE BACKED BY GOLD? ”
In a reply to a USER WHO encouraged him to launch a Gold-Backed Stablecoin, Schiff ConfirMed: “They Already Exist. But I DO INTENT [sic] to launch my own. ”
His remarks come as the US Senate passed the so-called Genius Act to Regidly Growing Stablecoin Sector, A Type of Digital Currency by Prices Anchored to Anchored to Anchored to Anchored to Anchored. The Stablecoin Market Mushroom to 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 key piece of trading infrastructure and are increasing Popular for Cross-Border Payments and Remittans. The Market is Dominated by US Dollar-Backed Tokens Like Tether’s USDT and CIRCLE’S USDC.
Gold-Backed Tokens, Meanwhile, Make Up A Niche But Growing Segment With A Market Size of AROUND $ 2 Billion. Contrary to Fiat-Backed Stablecoins, Gold Tokens Are Mistly Used As A Store of Value, Like Their Physical Version, But On Blockchain Rails. However, There Are Ongoing Efforts to Bring More Utility for Gold Tokens in Decentralized Finance Applications, for Example Using As Collalateral For Loans.
Read More: Stablecoin Protocol USDT0 AIMS TO BRING TOCENIZED GOLD CLOSER TO DEFI
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