Peter Schiff Hurls Gold Nuggets at Stablecoins — Crypto Twitter Can’t Handle It! 🤠💰

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It was in the heady brightness of late June that Peter Schiff—a man less friend than gold bug—looked over the land inhabited by stablecoins, those strange digital cattle rustlers pegged to the tired US dollar. Schiff, equal parts town crier and stand-up act, wagged a finger at tokens tied to “fiat” currency. If you’d asked him, he might say, “Why tie your wagon to a plow horse when there’s a stallion up for grabs?” Even the wind in Washington noticed, sighing through the Capitol—though maybe that was just inflation.

Again and again, this question rose up out of the dust, as if folks were working the same old field: what should back a digital coin promising a steady life—dollars? Gold? Good intentions and strong coffee?

Schiff Rides Out Against Dollar Bonds

Schiff, brandishing his economic pitchfork, scattered tweets into the corral: “You trust dollars?” he asked, as if only a mule would. “The Fed can make more, faster than grandma can knit. But gold? That stubborn yellow stuff never says yes to inflation. Bitcoin? Sure, maybe. Dollar-pegged coins? You’re just betting the ranch on a leaky fence.”

I get Bitcoin, but not U.S. dollar stablecoins. If you’re going to introduce a third-party custodian, why settle for a token backed by a flawed fiat currency like the dollar, when you can own one backed by gold? You get the same liquidity, but you also get a real store of value.

— Peter Schiff (@PeterSchiff) June 19, 2025

Gold Takes Center Stage (and Fancies Itself a Token)

Sure enough, gold-backed tokens started sidling up to investors—tokens like XAUT and PAXG. These let you dance with the prospect of physically-hoarded treasure, minus the swashbuckling or the unmarked graves. No shovel required—just an app. They promise the same fast hands and sharp moves as any dollar-backed stablecoin, but each is weighed down by a brick in a London vault somewhere (plus a photo of the vault for your wallet).


Regulators Herd the Cattle

No good barn dance goes unsupervised, and so the regulators strolled in stiff-legged. Congress folks eye reserve demands, while in Europe and Asia, regulators gossip over fences about new rules to keep the chickens… er, tokens… safe. Schiff’s golden call adds a spicy chili to the pot, prodding some lawmakers (and not a few interns) to wonder: “Just how shiny should tokens be?”

Market Stirs, Shrugs, Gets Into a Fistfight

Schiff’s sermon drew an unruly crowd, half drawn by the bright clang of gold, half by the prospect of a brawl over stablecoins. Some old hands slapped him on the back: “Finally, someone calls fiat for what it is!” Others, prying into the fine print, muttered, “Gold tokens? Enjoy those handling fees. Hope you like paperwork, partner.”

The more cagey investors pointed out DeFi runs on dollar-stablecoins like USDC, USDT—the workhorses tied straight to banking trails (regulated, boring, and easier to spend than a gold bar at the general store). The gold-backed crew? They’re the folks still digging for nuggets, happy to stash their loot and watch the dust gather.

And so the stablecoin wars roll on, a little bit wild and a little bit weird, while gold sits in its vault, not saying a thing. 🏜️🤔

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2025-06-22 01:24