Economist Nouriel Roubini is entering the digital asset market by launching a token backed by an exchange-traded fund (ETF) as its underlying asset, according to Business Insider on May 11 (local time). The token, based on Roubini's Atlas Americas Fund, recently received approval from United Arab Emirates (UAE) authorities and is planned to launch within weeks. Roubini positioned the token as an alternative to existing stablecoins pegged to fiat currencies, while maintaining his critical stance that "over 90% of crypto assets remain worthless." The Atlas Americas Fund invests in short-term US Treasuries, gold, real estate investment trusts (REITs), commodities, and defense industry stocks, with the operational goal of hedging against long-term inflation risks. Roubini explained that stablecoins carry the same problems as fiat currencies, noting that when inflation is high and no interest is paid, real value continues to decline.
Atlas Americas Fund Token Structure and Asset Composition
The token's value is determined based on the real assets held by the ETF and its operational performance. Investors holding the token indirectly gain economic value linked to the ETF's net asset value (NAV) and asset management performance. According to the company, income generated from the ETF, including interest and dividends, forms the basis for maintaining the token's value.
The Atlas Americas Fund invests in short-term US Treasuries, gold, real estate investment trusts (REITs), commodities, and defense industry stocks. Roubini stated, "Stablecoins can be used for transactions, but held assets need to be converted into reserve assets that generate returns. We need dollar-based assets that pay interest."
Reza Bundy, CEO of Atlas Capital Management, emphasized that while the use of stablecoins is expected to expand due to heightened geopolitical tensions and de-dollarization trends, a structure that can maintain real value is needed rather than simple dollar-pegged assets.
Roubini Maintains Critical Stance on Cryptocurrency Market
Roubini stated that his negative view on the crypto asset market remains unchanged, separate from the token launch. He pointed out, "Over 90% of crypto assets are still junk. Calling them currency is laughable, and they are neither a stable store of value nor a scalable payment method."
Regarding Bitcoin, he mentioned the possibility of continued downward pressure in the long term. While he did not provide specific price forecasts, he assessed that structural factors, including recent Bitcoin sales by Michael Saylor, could act as a burden on prices.
Roubini added, "I have long maintained that blockchain technology itself can be useful if properly utilized. The problem is most cryptocurrencies, not the underlying technology."
Atlas Americas Fund Records 9% Return Since November 2024 Launch
The Atlas Americas Fund has recorded approximately 9% returns since its launch in November 2024. The annual dividend yield stands at approximately 2.45%.
FAQ
What did Nouriel Roubini launch and when will it be available?
Nouriel Roubini launched a token backed by his Atlas Americas Fund ETF. The token received approval from UAE authorities and is planned to launch within weeks, according to Business Insider on May 11 (local time).
Why does Roubini position his token as different from stablecoins?
Roubini stated that stablecoins carry the same problems as fiat currencies, explaining that when inflation is high and no interest is paid, real value continues to decline. He emphasized the need for dollar-based assets that pay interest, with his token backed by assets including US Treasuries, gold, REITs, commodities, and defense stocks that generate returns.
What is Roubini's current view on cryptocurrencies?
Roubini maintains that "over 90% of crypto assets are still junk." He stated that calling them currency is laughable and they are neither a stable store of value nor a scalable payment method. However, he distinguished this criticism from blockchain technology itself, which he believes can be useful if properly utilized.
