Peter Schiff Questions USD Stablecoins, Plans Gold-Backed Token
Following the U.S. Senate’s June 17 passage of the GENIUS Act to regulate the $260 billion stablecoin market, gold advocate Peter Schiff took to X (formerly Twitter) to criticize USD stablecoins. Schiff argued that fiat currency suffers from inflation and deficits, making it a poor collateral choice. He announced plans to launch his own gold-backed token—despite existing products like XAUT and PAXG—citing greater reliability and true value preservation. Online reactions ranged from mocking his shift in stance on Bitcoin to urging him to adopt existing gold tokens. Schiff maintained that understanding Bitcoin doesn’t equate to owning it and defended his new project against fiat-pegged alternatives.
Neutral
Peter Schiff’s critique of USD stablecoins and announcement of a gold-backed token are unlikely to trigger broad market moves. While the news highlights regulatory clarity under the GENIUS Act and renews focus on asset-backed tokens, major traders already factor in policy developments. The shift may spur niche interest in gold-backed digital assets but won’t drastically alter Bitcoin or large stablecoin dynamics. Historically, similar commentary from influential figures causes temporary chatter without sustained price impact, suggesting a neutral short-term and long-term outlook.