Thomas Daniels
Gold has historically served as a universally accepted monetary asset, resilient to the geopolitical volatility and inflationary pressures that undermine fiat currencies. Bitcoin proponent Max Keiser argues that this enduring trust in gold will drive gold-backed stablecoins to outperform their U.S. dollar-pegged counterparts globally.
Keiser contends that many governments, particularly those in adversarial relationships with the United States, will reject dollar-based stablecoins due to geopolitical mistrust. Instead, he foresees these nations—especially Russia, China, and Iran—adopting or developing stablecoins backed by physical gold reserves. He further noted that China and Russia may collectively hold up to 50,000 tonnes of gold, potentially surpassing officially reported figures.
The growing traction of gold-backed digital currencies may significantly challenge U.S. strategies aimed at reinforcing dollar dominance through stablecoin proliferation. One notable example is Tether’s launch of Alloy (aUSD₮) in mid-2024—a gold-backed stablecoin underpinned by XAU₮, which represents a digital claim on physical gold.
Gabor Gurbacs, founder of PointsVille and former executive at VanEck, praised the innovation, suggesting Tether Gold mirrors the pre-1971 U.S. dollar. He emphasized its performance, pointing to a 15.7% year-to-date gain, while broader crypto markets remained under pressure. According to Gurbacs, such assets provide a strategic hedge for institutional portfolios.
In contrast, U.S. policymakers have doubled down on dollar-pegged stablecoins as tools to uphold the dollar’s role as the global reserve currency. Treasury Secretary Scott Bessent affirmed that supporting these stablecoins is a top priority for the Trump administration. Federal Reserve Governor Christopher Waller echoed this stance, signaling regulatory backing for dollar-linked digital tokens. Lawmakers have also introduced bills such as the Stable Act of 2025 and the GENIUS stablecoin bill to solidify regulatory oversight for fiat-backed stablecoins.
As geopolitical tensions rise and trust in the dollar fluctuates, the emergence of gold-backed alternatives signals a shift in the stablecoin landscape—one that may redefine the balance of power in global finance.
