Source: Cointelegraph Original: "{title}"

Bitcoin (BTC) extreme supporter Max Keiser believes that due to gold's properties as an inflation hedge and its minimal volatility, gold-backed stablecoins will outperform dollar-pegged stablecoins globally.

Keiser stated that gold is more trusted than the dollar worldwide, and he mentioned that foreign governments hostile to the U.S. will not accept dollar-pegged stablecoins. The Bitcoin extreme supporter also added, "Russia, China, and Iran will not accept dollar stablecoins. I expect they will launch a gold-backed stablecoin to counter dollar stablecoins. China and Russia together hold 50,000 tons of gold—more than reported."

The potential for gold-backed stablecoins to outperform dollar-pegged tokens in the international market could disrupt the plans proposed by U.S. lawmakers to maintain the dollar's dominance through stablecoins.

Source: Max Keiser

Do gold-backed stablecoins fulfill the original promise of the dollar?

Stablecoin issuer Tether launched a gold-backed stablecoin called Alloy (aUSD₮) in June 2024, which is supported by Tether's XAU₮—a token that has a paper claim to physical gold.

According to Gabor Gurbacs, founder of PointsVille and former executive at VanEck, "Tether Gold is what the dollar looked like before 1971."

"Since the beginning of this year, XAU₮ has risen by 15.7%, while the entire cryptocurrency market has been in decline. Foundations and enterprises should use XAU₮ to hedge their holdings," the executive wrote in a post on X on March 19.

After experiencing a historic rally in the gold market, XAUT is currently at an all-time high. Source: Gabor Gurbacs

U.S. policymakers have different ideas

U.S. Treasury Secretary Scott Bessent stated that the Trump administration will focus on using dollar-pegged stablecoins to maintain the dollar's status as the reserve currency and ensure the dollar's dominance in global financial markets.

Bessent mentioned that this stablecoin system will be a top priority for the government during the White House cryptocurrency summit on March 7.

Before Bessent's remarks at the summit, Federal Reserve Governor Christopher Waller also expressed similar views, supporting the use of stablecoins to bolster the dollar.

U.S. lawmakers have also proposed several stablecoin bills aimed at establishing a comprehensive regulatory framework for tokenized fiat assets, including the Stable Act of 2025 and the GENIUS stablecoin bill.

Related: Blockchain Association says U.S. Congress is expected to introduce bills on stablecoins and market structure before August.

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