Bitcoin advocate Max Keiser believes that gold-backed stablecoins are poised to surpass U.S. dollar-pegged alternatives in global adoption, citing gold’s reputation as a reliable inflation hedge and its low volatility.
Keiser argues that many nations view gold as a more trusted asset than the U.S. dollar, particularly those with strained relations with the United States.
“Russia, China, and Iran are not going to accept a U.S. dollar stablecoin,” Keiser said in a post on X.
“I predict they will counter the USD stablecoin with a gold one. China and Russia have a combined 50,000 tonnes of gold, more than what is officially reported.”
Gold-Backed Stablecoins Could Challenge U.S. Dollar’s Global Dominance, Analyst Warns
His comments suggest that growing interest in gold-backed digital assets could undermine U.S. efforts to maintain global financial dominance through dollar-based stablecoins.
One such product, Tether’s Alloy (aUSD₮), was launched in June 2024 and is backed by Tether Gold (XAU₮), a token linked to physical gold. Supporters argue that these tokens represent a modern alternative to fiat-backed assets.
Former VanEck executive and PointsVille founder Gabor Gurbacs commented that “Tether Gold is what the dollar used to be before 1971,” referencing the end of the gold standard. He noted that XAU₮ is up 15.7% year-to-date, outperforming much of the broader crypto market.
In contrast, U.S. officials remain focused on preserving the dollar’s role in global finance.
Treasury Secretary Scott Bessent said during the March 7 White House Crypto Summit that the Trump administration sees USD-pegged stablecoins as essential tools to protect the dollar’s reserve currency status.
Federal Reserve Governor Christopher Waller echoed this sentiment, emphasizing that stablecoins could reinforce dollar dominance globally.
Meanwhile, U.S. lawmakers have introduced several bills, including the Stable Act of 2025 and the GENIUS bill, aimed at crafting a regulatory framework for fiat-backed digital assets.
Tether Engages With U.S. Lawmakers to Shape Federal Stablecoin Regulations
Last month, it was revealed that Tether has engaged with U.S. lawmakers to help shape federal regulations for the stablecoin sector.
As reported, the company has been in discussions with Representatives Bryan Steil and French Hill, key figures behind the STABLE Act introduced on Feb. 6.
Tether CEO Paolo Ardoino reportedly confirmed that the company is also seeking to contribute to two additional stablecoin bills proposed by other legislators.
The company has also recently revealed that it is working with a Big Four accounting firm to conduct an audit of its reserves and confirm that each token is backed 1:1 with assets.
Last month, Federal Reserve Chair Jerome Powell affirmed the central bank’s support for developing a regulatory framework around stablecoins during a Senate hearing.
Powell stated that the Federal Reserve supports the creation of a regulatory framework for stablecoins, noting the importance of protecting consumers and savers.
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