Crypto critic Roubini joins tokenization boom with onchain 'Technodollar'

Nouriel Roubini, the economist known as “Dr. Doom” for predicting the 2008 financial crisis and who later became one of crypto’s most vocal critics, is making his first move into blockchain-based finance.

Roubini co-authored a whitepaper for USAFi, a tokenized investment product being developed by Atlas Capital Team, according to a Tuesday announcement.

USAFi is the tokenized version of the Atlas America Fund (USAF), an ETF overseen by Roubini and listed on Nasdaq. Atlas described the token as a blockchain-based security that gives investors exposure to the underlying fund while allowing it to move and settle on blockchain rails.

The company plans to launch the asset in the third quarter under Dubai’s Virtual Assets Regulatory Authority (VARA) framework, the firm said.

Securitize, one of the largest tokenization platforms, said in an X post that it was selected to provide the tokenization infrastructure for the project, calling it Roubini’s “first move into blockchain.”

The launch is the latest example of tokenization, a fast-growing sector that puts traditional assets such as funds, bonds and stocks on blockchain networks. Supporters argue the technology can make assets easier to transfer and settle, reach a wider set of investors globally while enabling around-the-clock trading.

Major firms including BlackRock, Franklin Templeton and Apollo have launched tokenized investment products, helping drive the market for tokenized assets above $30 billion excluding stablecoins, according to rwa.xyz data.

From crypto critic to tokenization backer

Atlas’ move is notable because Roubini spent years criticizing cryptocurrencies as speculative assets with little intrinsic value. However, the distinction appears to be the underlying assets.

The fund behind the USAfi token seeks stable returns across different economic environments while preserving capital through exposure to U.S. Treasuries, real estate, gold and agricultural commodities.

“We are living through the most dangerous period for savers in a generation,” Roubini said, citing inflation, trade wars and geopolitical stress eroding the purchasing power of investors. “For years I argued that most digital assets offered no protection from this, because they had no real assets behind them,” he said.

Atlas is pitching the USAFi token as a “Technodollar” product. CEO Reza Bundy argued that while stablecoins are designed to move dollars across blockchain rails, tokenized investment vehicles like USAFi can serve as digital reserve assets by giving investors exposure to a diversified portfolio of productive assets.