Nouriel Roubini, the economist known as "Dr. Doom" and one of crypto's most prominent critics, is backing a tokenized asset project, marking a big shift in his stance toward digital assets.
Crypto Critic Roubini Backs Tokenized Asset Project
24 June 2026 - 00:02 CEST
By Jona Jaupi
Atlas Capital, a financial technology and investment firm, and its Dubai-based subsidiary Atlas AI Labs said on 23 Jun that Roubini co-authored a whitepaper for USAFi, a digital reserve asset that the company expects to launch later this year.
The token is expected to be issued under Dubai's Virtual Assets Regulatory Authority (VARA) framework.
The move is notable because Roubini has spent years criticizing cryptocurrencies and arguing that many digital assets lack real value. It also highlights the growing interest in tokenizing traditional financial assets.
What is USAfi?
USAFi will be linked to the Atlas America Fund (USAF), an exchange-traded fund (ETF) listed on Nasdaq. The fund invests in assets including US Treasuries, gold, commodities, real estate and stocks, according to its whitepaper.
Token holders will not directly own shares in the ETF. Instead, they will hold contractual rights against the issuer, Atlas AI Labs.
The ETF's assets are to be custodied by Bank of New York Mellon, while token issuance will be handled in partnership with tokenization firm Securitize, which also tokenized BlackRock's BUIDL fund.
Unlike stablecoins, which are tokens designed to hold at a fixed value by being pegged 1:1 to a fiat currency, USAFi's price will rise and fall based on the value of the assets held by the fund.
A change in viewpoint
The announcement comes after years of Roubini criticizing the crypto sector and questioning its value.
And while his involvement with USAFi does not necessarily mean he has changed his view on cryptocurrencies as a whole, he does argue that tokenized products backed by traditional assets are different because they are tied to real investments.
"What Atlas has built is different: a reserve diversified across Treasuries, gold, food and strategic commodities, defence, cyber, and other industries being reshaped by AI," Roubini said in a statement.
He explained that the product is designed to hold its value if any market breaks, which, he added, is what one would want in a period of volatility. "That is why I have moved from criticism to participation," Roubini said.
Tokenization Push Continues
The launch comes as financial institutions and crypto firms increasingly explore tokenized assets, including stocks, bonds and investment funds. The sector has grown to more than $32bn, according to RWA.xyz – up from $11bn in June 2025.
DWF Labs estimates the tokenized asset market could grow to between $10tn and $30tn by 2030.
