❓Another Gold-Backed Stablecoin In The Works?

Peter Schiff said he intends to launch one even as he deemed the dollar a "flawed" fiat currency.

Author

Khyathi Dalal
June 20, 2025

Happy Friday!

Peter Schiff expressed his intent to launch a gold-backed stablecoin in a conversation on X. It all started with him calling the dollar a “flawed” fiat currency and instead supporting having a token purely backed by gold — exactly how far along are his plans currently?

Paolo Ardoino, CEO of stablecoin issuer Tether, said that the company has no plans to go public despite Circle Internet Financial’s success on Wall Street. Given the current IPO environment, what’s behind this decision? 

Plus, join Direxion’s experts on Thursday, 6/26, as they explore the world of leveraged and inverse ETFs, designed to help traders and investors capitalize on market volatility. Don’t miss this opportunity to learn how to harness the potential of leveraged and inverse ETFs amidst market uncertainty and global economic shifts. Register now! 

TOP STORY

Peter Schiff expressed his intent to launch a gold-backed stablecoin on Thursday, questioning the value of those backed by the U.S. dollar. “They already exist. But I do intend to launch my own,” Schiff replied.

Many users soon converged on this post, with some even suggesting names for the initiative, such as SchiffCoin, while others called it a genuinely “good idea.”

The conversation started on his original post, where he called the dollar a “flawed” fiat currency and instead supported having a token purely backed by gold. Gold-backed stablecoins do exist, with Tether Gold among the most well-known.

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QUICK N DIRTY

Bitcoin, Ethereum, XRP and Dogecoin remain stable with a bullish undertone, driven by continued institutional accumulation, strategic Bitcoin reserve initiatives from the U.S. and El Salvador, and the impact of an upcoming Bitcoin options expiry. Will the upward price pressure continue over the weekend? 

Dogecoin is expected to move 60% higher once it breaks free from a symmetrical triangle pattern. "All you need to do is wait for a daily close outside of the $0.16 to $0.22 range to determine the direction of the trend," he added — what’s fueling the surge?

Bitcoin veteran trader AguilaTrades has gone long on BTC once again, opening a massive 3,854 Bitcoin position worth $408 million, despite having lost $15 million in the past 10 days — what’s on the mind of ByBit’s top trader? 

FINTECH FOCUS

Paolo Ardoino, CEO of stablecoin issuer Tether, said that the company has no plans to go public, despite Circle Internet Financial’s success on Wall Street. He cited the company’s profitability and conservative management as key reasons behind the decision.

“We are not interested to go public, especially given the fact that the company is very profitable, and this year we think we could beat last year profits,” Ardoino said.

“We are very conservative in the way we manage the company. We don’t have dozens of employees,” Ardoino went on to say. “We have lean operations. We are reinvesting most of what we earn in safe assets like gold and bitcoin. So we don’t need access to capital.”

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