Peter Schiff, well-known advocate of gold and a prominent critic of cryptocurrencies like Bitcoin (BTC), is planning to launch his own gold-backed digital token, taking aim at the booming market for U.S. dollar-pegged stablecoins.

“I get bitcoin, but not U.S. dollar stablecoins,” Schiff posted Friday on X. “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?”

Responding to a user suggestion that he create his own gold-backed stablecoin, Schiff confirmed his intentions: “They already exist. But I do intend to launch my own.”

Schiff’s comments come as the U.S. Senate recently passed the GENIUS Act, which aims to establish a regulatory framework for the rapidly expanding stablecoin sector. Stablecoins — digital assets whose value is tied to external references like fiat currencies — have grown into a market exceeding $260 billion, with Citi forecasting the sector could reach $3.7 trillion by the end of the decade.

Dollar-pegged tokens, such as Tether’s USDT and Circle’s USDC, currently dominate the market, serving as critical infrastructure for trading, remittances, and cross-border payments.

Meanwhile, gold-backed tokens represent a smaller but growing niche, with a combined market value around $2 billion. Unlike fiat-backed stablecoins primarily used for transactions, gold-backed tokens are typically viewed as a store of value, mirroring physical gold but operating on blockchain networks. However, efforts are underway to expand their utility, including deploying them as collateral in decentralized finance (DeFi) applications.

Schiff’s move signals growing interest in alternatives to dollar-based stablecoins, reflecting both investor appetite for precious metal exposure and skepticism toward fiat currencies in the digital asset ecosystem.