Peter Schiff, a prominent gold supporter and long-time critic of cryptocurrencies and bitcoin, says he "understands bitcoin" but not the value of dollar-pegged stablecoins. If escrow is to be introduced, he thinks, why not choose tokens backed by gold rather than those backed by "flawed fiat currencies such as the dollar". Schiff posted on the X platform on Friday that he plans to launch his own gold-backed token, but did not provide a specific timeline or further details. The dollar-backed stablecoin market is now dominant at more than $260 billion, while the gold-backed token market is relatively small at around $2 billion. Schiff's comments come as the US Senate passes the "GENIUS Act" aimed at regulating the fast-growing stablecoin industry. While gold tokens are still a niche market, they are mainly used as an on-chain store of value and are working to play more roles in decentralized finance (DeFi) applications, such as as as collateral for loans.