Key facts
- Nouriel Roubini is launching a new digital asset backed by his Atlas Americas Fund ETF.
- The token aims to provide protection against inflation and generate income, differentiating it from traditional stablecoins.
- The digital asset has received approval in the United Arab Emirates.
- Roubini maintains his skeptical view on cryptocurrencies, calling over 90% of them 'junk'.
- He believes Bitcoin's price is likely to continue falling.
Nouriel Roubini, a prominent critic of cryptocurrencies, is venturing into the digital asset space with a new token backed by his Atlas Americas Fund (USAF). The token, which has received approval in the United Arab Emirates, aims to offer an alternative to traditional stablecoins by providing exposure to income-generating assets like short-term Treasurys, gold, REITs, agricultural commodities, and defense stocks. Roubini and Atlas CEO Reza Bundy believe this approach addresses the inflationary risks inherent in fiat-pegged stablecoins and offers a way for users to park money while earning income.
The Atlas Americas Fund has reportedly gained 9% since its launch in November 2024 and offers a 2.45% annual dividend yield. Roubini argues that stablecoins, like fiat currency, are susceptible to inflation and do not provide interest, leading to a loss of real value. His new token seeks to overcome this by being interest-bearing and backed by assets that produce income.
Despite this new venture, Roubini remains a staunch skeptic of the broader cryptocurrency market. He described over 90% of digital assets as 'junk,' dismissing them as neither a stable store of value nor a scalable means of payment. He also anticipates further declines in Bitcoin's price, citing structural issues and recent market volatility linked to figures like Michael Saylor's selling activity. Roubini did acknowledge that the underlying blockchain technology could be useful if implemented correctly.