Nouriel Roubini, the outspoken economist with scathing views about Bitcoin and cryptocurrency, is working on a stable value asset that will eventually be tokenized. The co-founder and chief economist at Atlas Capital wants to develop an asset-backed United Sovereign Governance Gold Optimized Dollar (USG) to address a potentially devaluing dollar in the medium to long term as well as climate change, Bloomberg first reported. It is intended as a future means of payment and potentially a unit of account.
On Twitter, Roubini said, “USG will be first an index, then an ETF & last a security token backed by real/fin assets with AML/KYC features. Hedge against inflation, pol/geopol risks; & with ESG features.”
The Facebook-founded Libra (Diem) stablecoin project raised concerns with central banks about becoming a widespread means of payment. The original incarnation of Libra intended to use a basket of currencies to provide a semblance of international currency stability. There’s more than a conceptual similarity between Libra and USG. For the blockchain aspect, Atlas has partnered with Mysten Labs, where the leaders are from Novi, the Facebook (now Meta) wallet subsidiary that was tasked with working on technology to support Diem, before the project was abandoned.
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