Nouriel Roubini, the economist famous for predicting the 2008 financial crisis and known for his critical view on cryptocurrency, is now launching one of his investment products on blockchain technology.
He is introducing a digital token called USAFi, which will be backed by the Atlas America Fund, a $17 million exchange-traded fund he manages, as stated in a press release. This ETF, traded on Nasdaq under the symbol USAF, invests in various assets such as US Treasuries, gold, and real estate investment trusts.
This effort highlights a broader trend among Wall Street firms to adopt blockchain technology for representing ownership in traditional financial assets. This method, known as tokenization, creates digital replicas of assets that can be traded and transferred on blockchain networks.
USAFi is aimed at investors outside the US and will be launched under the supervision of Dubai’s Virtual Assets Regulatory Authority, known as VARA. The tokenization technology will be provided by Securitize, which is backed by BlackRock, and the token is expected to trade on exchanges regulated by VARA.
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This initiative signifies a gradual change for Roubini, who has spent years expressing his doubts about cryptocurrencies. He previously characterized Bitcoin as a “self-fulfilling bubble,” claiming it is ineffective as a payment system and a reliable store of value. Subsequently, he partnered with Atlas Capital to create a suite of financial products, including a tokenized asset designed as a dollar alternative.
Although Bitcoin and many other cryptocurrencies are often seen as speculative, vulnerable to fraud, and insufficient as currencies or stores of value, Roubini remarked in an interview that the underlying blockchain technology is increasingly promising.
“Bitcoin and other cryptocurrencies are not currencies. They aren’t even effective stores of value,” Roubini asserted. “We require better collateral, more robust reserve assets, and a more dependable store of value.”
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On Tuesday, Roubini and his team at Atlas Capital published a paper discussing what they call “technodollars,” which are blockchain-based investment products supported by traditional assets. The paper suggests that such products could address some of the needs identified by crypto proponents, while relying on assets with known value.
The interest in tokenized assets has surged within the financial industry. The total value of these assets has increased to around $32 billion from approximately $6 billion at the start of 2025, according to data from rwa.xyz. Firms such as BlackRock and JPMorgan Chase & Co have ramped up their initiatives to move traditional financial products onto blockchain platforms.
Supporters argue that tokenization could improve access to investment products for individuals excluded from conventional financial systems. Deepa Raja Carbon, managing director and vice chair of VARA, noted that this technology could broaden access to asset classes typically reserved for a limited group of investors.
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