Amid persistent global inflation and escalating trade conflicts, economist and longtime digital asset critic Nouriel Roubini reversed his public stance on Tuesday to back a new tokenized reserve asset. Roubini co-authored a whitepaper with the Atlas Capital Team detailing the launch of USAFi, an ERC-20 token branded as the “Technodollar.”
The permissionless asset is scheduled to launch in the third quarter of 2026 under the regulatory framework of Dubai’s Virtual Assets Regulatory Authority.
What We Know
- The USAFi token is fully collateralized by real-world assets including U.S. Treasuries, gold, and strategic commodities.
- Reserves are backed by the SEC-registered Atlas America Fund (Nasdaq: USAF).
- The underlying physical assets are held in custody at the Bank of New York.
- Operations are managed through Atlas AI Labs, a Dubai-based subsidiary.
Roubini previously dismissed Bitcoin as a scam and the “mother of all bubbles.” His current involvement is driven by a macroeconomic view that savers are entering “the most dangerous period for savers in a generation” due to geopolitical sanctions and supply chain disruptions.
The Technodollar structure differs from traditional stablecoins. Rather than strictly pegging to fiat reserves, USAFi is collateralized by broad claims on American defense, cyber, and artificial intelligence industries.
Atlas Capital Team CEO Reza Bundy described the project as the third historical phase of United States currency dominance. Bundy stated the asset is designed to succeed the Gold Dollar and the Petrodollar eras by incorporating AI-driven companies and critical commodities for value preservation.
How VARA Regulation Bridges SEC Frameworks
The decision to issue USAFi through Dubai’s Virtual Assets Regulatory Authority establishes a specific regulatory strategy. VARA’s Asset Referenced Virtual Asset Rulebook explicitly permits the integration of SEC-registered traditional finance instruments into permissionless on-chain environments.
By tying an ERC-20 token directly to a Nasdaq-listed exchange-traded fund, the developers bypass certain domestic issuance hurdles while maintaining institutional-grade custody protocols. The arrangement at the Bank of New York secures the physical reserves, providing a regulated foundation for the token prior to its public market debut.