Gold Stablecoins: A Challenge to USD Dominance?
The cryptocurrency world is buzzing with speculation about the future of stablecoins. Bitcoin maximalist Max Keiser believes gold-backed stablecoins are poised to outcompete their US dollar-pegged counterparts globally. His argument centers on gold's inherent inflation-hedging properties and its lower volatility compared to the dollar.
Gold's Global Appeal
Keiser argues that gold enjoys significantly greater global trust than the US dollar. He predicts that nations with strained relationships with the US, such as Russia, China, and Iran, are unlikely to embrace USD-pegged stablecoins. Instead, he foresees the emergence of gold-backed alternatives:
“Russia, China, and Iran are not going to accept a US dollar stablecoin. 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 reported.”
This shift could significantly disrupt US efforts to extend dollar dominance through stablecoins, a strategy proposed by some US lawmakers.
Tether's Gold-Backed Stablecoin
The launch of Tether’s gold-backed stablecoin, Alloy (aUSD₮), backed by Tether's XAU₮ token, representing a claim to physical gold, adds weight to this discussion. Gabor Gurbacs, founder of PointsVille and former VanEck executive, sees this as a return to the pre-1971 dollar standard. He notes that XAU₮ has shown significant growth, performing better than broader crypto markets.
The US Perspective
However, US policymakers hold a different view. Treasury Secretary Scott Bessent stated that the administration prioritizes using USD-pegged stablecoins to maintain the dollar's reserve currency status and global dominance. Similar sentiments were expressed by Federal Reserve Governor Christopher Waller. Several US stablecoin bills, including the Stable Act of 2025 and the GENIUS stablecoin bill, are further evidence of this strategic focus.
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