Nouriel Roubini, the economist famously dubbed “Dr. Doom” for his accurate prediction of the 2008 financial crisis, is venturing into blockchain finance with a new tokenized investment product called USAFi. This initiative marks a significant shift for Roubini, who has long been a critic of cryptocurrencies.
Co-authored by Roubini, the whitepaper for USAFi outlines a token that will be linked to the Atlas America Fund (USAF), an exchange-traded fund (ETF) that he manages and is listed on Nasdaq. The token aims to provide investors with exposure to the underlying fund while leveraging blockchain technology for transactions and settlements.
The launch is planned for the third quarter of 2026 under the regulatory framework of Dubai’s Virtual Assets Regulatory Authority (VARA). Securitize, a prominent tokenization platform, will supply the necessary infrastructure for this project, marking Roubini’s initial foray into the blockchain sector.
This development is part of a broader trend in the financial industry where traditional assets like stocks and bonds are being tokenized. Proponents argue that this technology enhances asset transferability and accessibility, enabling continuous trading and reaching a global investor base. Major financial firms such as BlackRock and Franklin Templeton have already introduced their own tokenized products, contributing to a market that has surpassed $30 billion, excluding stablecoins.
Roubini’s transition from crypto skeptic to tokenization advocate is particularly noteworthy. He has previously characterized cryptocurrencies as speculative and lacking intrinsic value. However, the USAFi token is designed to offer stable returns by investing in U.S. Treasuries, real estate, gold, and agricultural commodities, which Roubini believes can protect investors in volatile economic climates.
“We are living through the most dangerous period for savers in a generation,” Roubini stated, pointing to inflation and geopolitical tensions that threaten the purchasing power of investors. He emphasized that many digital assets do not provide real protection due to the absence of tangible backing.
Atlas Capital Team is marketing the USAFi token as a “Technodollar,” suggesting that while stablecoins facilitate dollar transactions on blockchain, tokenized investment products like USAFi can act as digital reserve assets. CEO Reza Bundy explained that this represents a new phase of dollar-based finance, moving beyond the gold-backed dollar and the petrodollar.
“The Technodollar is a digital dollar reserve supported not by a single commodity but by a diverse portfolio of America’s most productive companies,” Bundy said. He argues that this model provides a regulated wealth-preservation strategy backed by real-world assets, filling a gap in the digital economy.
Nouriel Roubini, known for his skepticism of cryptocurrencies, is launching a tokenized investment product called USAFi, backed by a Nasdaq-listed ETF. This move reflects a growing trend in finance towards tokenization, aiming to provide investors with stable returns through a diversified asset portfolio.