Gold

Atlas

Dubai

<a href="https://www.thestreet.com/crypto/markets/economist-who-predicted-2008-recession-makes-surprising-investment" rel="noopener noreferrer nofollow">Nouriel Roubini</a> has spent years calling <a href="https://www.thestreet.com/crypto/markets/top-wealth-manager-sends-surprising-message-on-fed-rate-cuts" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;(BTC) worthless and blockchain overhyped. Now he is putting his name on a digital asset.
The economist, best known for predicting the 2008 financial crisis and earning the nickname "Dr. Doom," has co-authored a whitepaper for USAFi, a new digital security being developed by Atlas Capital Team, the investment firm he co-founded.&nbsp;
The product is set to launch in the third quarter of 2026 under the regulatory framework of Dubai's Virtual Assets Regulatory Authority (VARA).
<a href="https://www.thestreet.com/crypto/markets/economist-who-predicted-2008-recession-makes-surprising-investment" rel="noopener noreferrer nofollow">Related: Economist who predicted 2008 recession walks back his biggest conviction</a>
<h2 id="what-usafi-actually-is">What USAFi actually is</h2>
USAFi is a permissionless ERC-20 digital security, a token standard that runs on the Ethereum blockchain, but it is not a cryptocurrency in the traditional sense.
Every&nbsp;USAFi&nbsp;token is backed by the Atlas America Fund, an actively managed <a href="https://www.thestreet.com/crypto/investing/xrp-etf-inflows-top-200-million-as-institutions-keep-buying" rel="noopener noreferrer nofollow">ETF</a> listed on Nasdaq under the ticker USAF and registered with the U.S. Securities and Exchange Commission (SEC). The fund's assets are held in custody at <a href="https://www.thestreet.com/crypto/banking/bny-mellon-ceo-says-banks-hold-key-to-crypto-adoption" rel="noopener noreferrer nofollow">the Bank of New York</a>.
In simple terms, owning USAFi means holding a digital representation of a regulated fund that invests across <a href="https://www.thestreet.com/crypto/markets/elon-musk-has-blunt-proposal-for-u-s-treasury" rel="noopener noreferrer nofollow">U.S. Treasuries</a>, gold, real estate, agricultural commodities, defence, cybersecurity, and industries being reshaped by <a href="https://www.thestreet.com/economy/elon-musk-has-a-radical-fix-for-an-ai-dominated-economy" rel="noopener noreferrer nofollow">artificial intelligence</a>&nbsp;(AI).&nbsp;
The token can be traded around the clock on public blockchain networks, something traditional fund units cannot do.
Since launching 19 months ago, USAF has returned 11.11%, with volatility of 5.47% and a Sharpe ratio of 0.55.
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<h2 id="why-roubini-changed-his-mind">Why Roubini changed his mind</h2>
Roubini's move into digital assets is a notable shift. In 2018, he told a U.S. Senate committee that Bitcoin was the "mother of all scams."&nbsp;
He has previously called blockchain "the most overhyped and least useful technology in human history" and dismissed it as "nothing more than a glorified spreadsheet."
His explanation for the change is rooted in what he sees as a different kind of product, one backed by real assets rather than speculation.
"For years, I argued that most digital assets offered no protection from this because they had no real assets behind them," Roubini said.&nbsp;
<blockquote>
 "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. It is designed to hold value when any single market breaks, which is what you want in a period defined by shocks rather than calm," he explained. "That is why I have moved from criticism to participation. This is an instrument built for the world as it actually is, not the world as we wish it were."
</blockquote>
<a href="https://www.thestreet.com/crypto/explained/what-is-tokenization-explained" rel="noopener noreferrer nofollow">Related: What is tokenization? Explained</a>
<h2 id="the-technodollar-thesis">The Technodollar thesis</h2>
Atlas frames USAFi around a broader argument about the future of the U.S. dollar. The firm calls it the "Technodollar", the idea that dollar dominance is entering a third phase, following the Gold Dollar and the Petrodollar.
Atlas Capital Team&nbsp;CEO and Chairman&nbsp;Reza Bundy&nbsp;explained the concept, "There was the Gold Dollar, backed by the promise to swap dollars for gold. Then the Petrodollar, backed by the world's need to buy oil in dollars. We call what comes next the Technodollar: a digital dollar reserve backed not by a single commodity but by a broad claim on America's most productive companies in the industries AI is now transforming."
Bundy described Atlas as an "agentic" infrastructure business, meaning AI manages the portfolio day to day within parameters set by a human investment committee. USAFi is the <a href="https://www.thestreet.com/crypto/markets/baillie-gifford-launches-uks-first-native-tokenised-fund-on-solana" rel="noopener noreferrer nofollow">tokenized</a> form of that strategy, designed, in his words, to preserve dollars rather than simply move them.
<blockquote>
 "Where stablecoins move dollars, the Technodollar is built to preserve them," he said.
</blockquote>
<h2 id="dubai-s-role">Dubai's role</h2>
USAFi will launch under VARA's Asset Referenced Virtual Asset Rulebook, making it one of the first regulated permissionless securities issued under Dubai's framework.&nbsp;
Roubini pointed to Dubai's regulatory environment as a key reason for the launch location.
<blockquote>
 "VARA has developed a framework that embraces responsible innovation while maintaining the transparency and investor protection that institutional markets require," he said.&nbsp;"Through VARA, Dubai is at the forefront of this transition."
</blockquote>
Atlas AI Labs, the firm's Dubai subsidiary incorporated in the Dubai World Trade Centre, has secured in-principle approval from VARA and is working toward a full issuance license ahead of the Q3 2026 launch.
<a href="https://www.thestreet.com/crypto/markets/fed-wants-crypto-firms-to-follow-banking-rules" rel="noopener noreferrer nofollow">Related: Fed wants crypto firms to follow banking rules</a>

Longtime crypto critic co-authors Atlas whitepaper on digital reserve asset

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