Gate News bot message, as the stablecoin bill (GENIUS Act) is submitted for consideration in the House, gold supporter Peter Schiff fiercely criticized the dollar stablecoin, calling it a “flawed” dollar Token.
As Schiff made these remarks, U.S. President Donald Trump is urging the House of Representatives to pass the bill quickly so that he can sign it into law immediately. Although many experts believe that stablecoins pegged to the dollar will solidify the dollar’s dominance, Schiff emphasizes that the fiat currency itself is devaluing.
He stated: “I understand Bitcoin, but I don’t understand USD stablecoins. If third-party custody is to be introduced, why choose a token backed by a flawed fiat currency like the dollar when you can hold a gold-backed stablecoin?” Schiff added that the liquidity provided by gold-backed stablecoins is similar to that of USD stablecoins, but its greater advantage lies in its role as a store of value. He emphasized that stablecoins are primarily used for cryptocurrency trading, rather than as tools for broader economic transactions.
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