Peter Schiff Admits He ‘Gets’ Bitcoin Yet Dismisses USD Stablecoins, Suggests Launching a Gold-Linked Token

Longtime gold advocate and prominent crypto critic Peter Schiff has revealed plans to launch his own gold-backed digital token, casting doubt on the appeal of U.S. dollar-pegged stablecoins.

“I get bitcoin, but not U.S. dollar stablecoins,” Schiff wrote Friday on X. “If you’re going to introduce a third-party custodian, why settle for a token backed by a flawed fiat currency like the dollar, when you can own one backed by gold?”

When prompted by a user about creating a gold-backed stablecoin himself, Schiff confirmed his intentions: “They already exist. But I do intend to launch my own.”

Schiff’s comments arrive as the U.S. Senate recently passed the GENIUS Act, aimed at regulating the fast-growing stablecoin sector. Stablecoins — digital assets pegged to traditional currencies or other assets — have ballooned into a market worth more than $260 billion. Analysts at Citi project the sector could surge to $3.7 trillion by 2030.

Dollar-backed stablecoins like Tether’s USDT and Circle’s USDC currently dominate the landscape, forming crucial infrastructure for trading, remittances, and payments across crypto markets.

Gold-backed tokens, while far smaller in scale at around $2 billion in market value, offer a blockchain-based way to gain exposure to the precious metal. Typically seen as a store of value rather than a transaction medium, gold tokens are increasingly being explored for use as collateral in decentralized finance (DeFi) applications.

Schiff’s initiative reflects growing interest in alternatives to fiat-backed stablecoins, combining blockchain technology with traditional assets like gold to appeal to investors seeking stability outside the dollar-based financial system.