Internet reports that Peter Schiff, a well-known supporter of gold and a long-time critic of cryptocurrencies and Bitcoin, said that he "understands Bitcoin" but does not understand the value of stablecoins pegged to the U.S. dollar. He believes that since third-party custody is to be introduced, why not choose tokens backed by gold rather than tokens backed by "defective fiat currencies such as the US dollar"? Schiff posted on X on Friday that he planned to launch his own gold-backed tokens, but did not provide a specific timetable or more details. Currently, the dollar-backed stablecoin market has exceeded US$260 billion, dominating, while the gold-backed token market is relatively small, at approximately US$2 billion. Schiff's comments come as the U.S. Senate passes the GENIUS Act to regulate the fast-growing stablecoin industry. Although gold tokens are still a niche market, they are mainly used as on-chain stores of value and are striving to play more roles in decentralized finance (DeFi) applications, such as loan collateral.