.PeterSchiff explains how $UST can become 'New Gold Standard,' stablekwon disagrees
standard. It's nothing like the way US dollars were once backed by gold. Backing one crypto with another is worse than backing euros with dollars. Replicating a crypto gold standard is easy. Just back UST with gold!This design—when"one cryptocurrency is backed by another"—looks even worse than backing Euros with U.S. Dollars for Mr. Schiff. It should not be treated as an instrument equal to Gold-backed fiat money.
At the same time, creating a"crypto gold standard" is not a complicated task for Mr. Schiff. He proposes just backing UST stablecoin with Gold reserves. Do Kwon, founder and CEO of Terraform Labs, the development studio behind Terra blockchain and UST stablecoin, is not excited by the proposal:
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