Economist Nouriel Roubini, one of the cryptocurrency industry’s most prominent critics, is making his first major move into blockchain-based finance through a new tokenized asset initiative backed by real-world assets.
Atlas Capital Team Inc., where Roubini serves as chief economist and co-founder, announced plans to launch USAFi, a digital security designed to bring institutional-grade collateral onto public blockchain networks.
The project will be issued under Dubai’s Virtual Assets Regulatory Authority (VARA) framework and will use Securitize’s technology platform to handle tokenization.
The announcement marks a notable shift for Roubini, often referred to as “Dr. Doom” for his bearish economic forecasts and longstanding skepticism toward cryptocurrencies. Over the years, he has repeatedly criticized digital assets as speculative instruments lacking intrinsic value.
Crypto Skeptic Turns to Tokenized Real-World Assets
Alongside the launch announcement, Atlas published a whitepaper co-authored by Roubini outlining what the company calls the “Technodollar”, a new model of digital reserve infrastructure built around US financial assets and artificial intelligence.
According to Atlas, USAFi will be backed by the Atlas America Fund, an SEC-registered actively managed exchange-traded fund whose reserve assets are custodied by Bank of New York.
The company describes the product as the world’s first regulated permissionless security, structured as an ERC-20 token that can trade on public blockchain networks while maintaining regulatory oversight.
Roubini said recent geopolitical tensions, inflation, sanctions, and supply chain disruptions have created a challenging environment for savers and investors.
“For years I argued that most digital assets offered no protection from this because they had no real assets behind them,” Roubini said. “What Atlas has built is different.”
He added that the reserve structure behind USAFi includes exposure to Treasuries, gold, food and strategic commodities, defense, cybersecurity, and AI-related sectors, aiming to provide resilience during periods of economic volatility.
Securitize Powers Tokenization Infrastructure
Securitize confirmed it will provide the tokenization infrastructure behind the project, making USAFi the first digital asset of its kind to be issued on the company’s platform under Dubai’s regulatory framework.
The firm said the product is designed to allow regulated collateral to be traded with 24/7 accessibility and portability while remaining backed by institutional-grade assets.
“This marks a first for our technology platform,” Securitize said in a statement, noting that Atlas will issue a new class of digital asset under VARA’s Asset Referenced Virtual Asset Rulebook.
The launch reflects the growing trend of tokenizing traditional financial assets, a market that has attracted significant interest from asset managers, banks, and fintech firms seeking to bring real-world assets onto blockchain networks.
Atlas plans to launch USAFi during the third quarter of 2026.
Dubai Strengthens Position as Digital Asset Hub
The project also highlights Dubai’s growing role in regulated digital finance. Under VARA’s regulatory framework, companies can issue and manage virtual asset products while adhering to compliance and investor protection standards designed to attract institutional participation.
Atlas CEO Reza Bundy described USAFi as a digital reserve asset built for what the company calls the Technodollar era, arguing that future digital financial infrastructure will increasingly combine AI-driven portfolio management with blockchain-based settlement and ownership.
Roubini praised Dubai’s regulatory approach, arguing that jurisdictions with clear digital asset rules will attract more capital and innovation.
“Dubai has become one of the world’s leading centers for digital finance,” he said. “VARA has developed a framework that embraces responsible innovation while maintaining the transparency and investor protection that institutional markets require.”
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