Peter Schiff Slams USD Stablecoins, Plans To Launch Gold-Backed Alternative

Peter Schiff, a vocal critic of Bitcoin, has taken aim at USD-pegged stablecoins, labeling them as fragile assets tethered to a deteriorating fiat system. His comments come amid legislative efforts in the U.S. to regulate the stablecoin market through the GENIUS Stablecoin Act.

Schiff argues that stablecoins backed by the U.S. dollar inherit the currency's declining purchasing power, offering little long-term value or utility in broader commerce. "They're just digital representations of a failing system," he remarked.

In contrast, Schiff advocates for gold-backed stablecoins, citing their historical role as a store of value and potential for price stability. "Gold has stood the test of time, while fiat currencies come and go," he stated, without mentioning specific tokens or exchanges.