A brilliant economist and also a long-time crypto critic, Nouriel Roubini has announced that he is working on a tokenized asset. Roubini and his team at Atlas Capital Team LP have partnered with Andreessen Horowitz-backed Web3 developer Mysten Labs to develop an asset-backed United Sovereign Governance Gold Optimized Dollar (USG).
He hopes this asset will serve as a replacement for the U.S. dollar in the global economy, for the U.S. dollar is losing its value globally owing to effects of inflation.
“We recognized that America’s dollar reserve currency could be at risk and are working to create a new instrument that’s effectively a more resilient dollar” said Roubini.
Reza Bundy, co-founder and CEO of Atlas said, “Our goal is to create a global store of value. This is something akin to a substitute for Treasuries, or a digital asset that has payment features in it.”
USG will be released sometime later this year, and the token will be backed by short-term US Treasuries, gold and US property less affected by changes in the markets.
The final bundle of assets will be made in the form of real estate investment trusts, REITs.
Roubini says that the digital asset will have strict KYC/AML features so that the token is essentially a digital asset-backed security with serious ESG features.
The USG will also act as a “hedge against inflation, debasement of fiat currencies, financial crisis, political and geopolitical risk and environmental risks,” says Roubini.
Roubini wants to broaden the reach of the token by taking advantage of the ‘digital rail’. He sees the chance to offer a product to people who can’t gain exposure to the dollar and whose own local currencies have tanked.
Nouriel Roubini has previously called Bitcoin the “the mother of all bubbles”. His latest project indicates that the globally recognized economist has either had a complete change of heart or has finally seen the value of crypto.
For more crypto market and blockchain news, subscribe to The Crypto Times.
