Schiff has been critical of Bitcoin and Fíat money for several years.
Traditional stablcoins do not generate interest, a clear disadvantage, according to specialists.
The economist recognized for being a gold defender and critic of the Fíat monetary system, Peter Schiff, recently shared his opinion about the main Stablocoins (stable currencies). He believes that there are more viable alternatives for investors.
In your X account, Schiff express His discontent with the fact that the stablcoins anchored to the US currency “do not generate yields for users”, something that he considers fundamental. These maintain the same price as the dollar (USD).
From this, he stated: «Why did anyone want to have a token backed by dollars when one can have a backed by gold? It is clear that the future of the stable is there, not in the dollars or in the treasure bonds ».
Although the stablecoins anchored to gold (assets that maintain the same price as said metal) do not guarantee yields, Historically they have had an upward trend from the dollar. This is part that makes Schiff think that this type of stable currencies are better as investment than those that follow the contribution of the US currency.
The gold, as seen below, recorded a new price record of USD 3,500 per ounce.
In this sense, the famous financial commentator sees a great future for the Golden Stablecoins, which shows a greater closeness of this to the cryptocurrency market, despite having been in the past a strong critic of Bitcoin (BTC).
The Schiff’s statement resonates with what Brian Armstrong, CEO of the Coinbase cryptocurrency Exchange, in early April, when he said that “both banks and cryptoactive companies should have the opportunity to offer interest to their customers.” According to Armstrong, “American politics should not protect banks at the expense of innovation or public interest.” This was reported by cryptootics.
Meanwhile, the debate around the Stablecoins intensifies in the United States with the introduction of the Genius Law, a bipartisan initiative presented in February by Senator Bill Hagerty. The project seeks to establish a clear regulatory framework for stable currencies, demanding strict licenses, 1: 1 reserves backed by highly liquid dollars or assets, and measures against money laundering. However, A controversial appearance is the Explicit prohibition that Stablecoins emitters offer interests to holdersa restriction that conflicts Brian Armstrong’s positions and other defenders of financial innovation.
This regulatory controversy has revived the conversation about what is the most appropriate support for the Stablecoins. Some experts, such as Peter Schiff, advocate alternatives to the dollar that offer greater long -term stability. In this context, Gold is emerging as an attractive option for those who question the sustainability of Fíat currencies.
In fact, Max Keiser – as a Bitcoin issues of President Nayib Bukele in El Salvador – is another of the voices that argues that the future of the stablocoins is not in the dollar, but in gold. At the end of March, Keiser published in his X account that, although the dollar is less volatile than Bitcoin, in the long term it will end up losing value against inflation. He believes that Countries like Russia, China, Iran and Saudi Arabia should consider the use of a stablecoin supported by gold.
Tangible backup in a digital world: this operates the stablcoins anchored to gold
The stablecoins backed by gold are digital tokens whose value is linked to the price of yellow metal, with each unit representing a specific amount of physical gold stored in vaults. The main ones follow their ounce price, which is the classic measure of measurement of the asset, although it can be divided into minor proportions.
Unlike traditional stablcoins such as USDT or USDC – resplaced by US dollars and financial assets such as treasure bonds – gold seeks to offer a more inflation -resistant alternative. This is because the metal has a scarce supply that is emitted in a decentralized way, in contrast to the US currency whose impression depends on the government on duty.
Among the most prominent examples are Tether Gold (Xaut) and Pax Gold (PaxG)which were launched in 2020 and 2019. These are the largest market capitalization, for a value each of USD 800 million and USD 775 million, respectively.
While traditional stablecoins depend on the confidence in the conventional financial system, those backed by gold are based on A physical asset considered as a value reserve for its decentralized scarce supply. This connection with a tangible good gives them a perception of greater stability against economic volatility.
However, This support also implies certain challenges. To maintain public transparency and trust, issuers must perform periodic audits that verify that each emitted token is effectively backed by gold stored in vaults with sufficient liquidity.
Although, while their emitters ensure their correct support, the stable currencies that follow the metal are more accessible than having tangible gold, which has fed its use. This is since, when working in cryptocurrency networks, they have no border limits and can be stored and transferred digitally.
However, for the moment, the stablecoins anchored to the dollar continue to dominate the market, being the most used. The main, USDT and USDC are located in positions 3 and 7 of the ranking of cryptoactives with more capitalization, for an amount of USD 151,000 million and USD 60,000 million.
