Crypto-basher economist Nouriel Roubini is developing a tokenised asset designed to counter the volatility of the U.S. dollar due to inflation, climate change, and more.
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According to Bloomberg’s report, Roubini is developing a tokenised U.S. dollar backed by a physical asset in partnership with the Dubai-based firm Atlas Capital Team he co-founded.
“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,”
The launch token will be issued later this year. Unlike traditional cryptocurrencies, which are usually not backed by any asset, the token is backed by U.S. real estate, primarily in the form of a REIT.
A real estate investment trust, also known as a real estate trust, real estate trust; is an investment vehicle similar to a closed-end mutual fund, but the investment object is real estate. Mainly through the securitisation of real estate and the fundraising of many investors, ordinary investors without huge capital can participate in the real estate market with a lower threshold and obtain the profits brought by real estate market transactions, rents and appreciation.
Therefore, REITs are less affected by short-term US Treasuries, gold and climate change.
Roubini, who has publicly denounced Bitcoin, Ethereum and blockchain technology for years, sees the product as an opportunity to provide value to people who have no access to the dollar and whose national currencies are devalued.
Image source: Shutterstock
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