Crypto’s most famous skeptic enters blockchain finance with real-asset-backed product
Nouriel Roubini, the economist who predicted the 2008 financial crisis and spent years dismissing cryptocurrencies as worthless speculation, is launching his first blockchain-based financial product.
USAFi, a tokenized investment product backed by the Atlas America Fund ETF that Roubini oversees, is scheduled for launch in Q3 2026 under Dubai’s VARA regulatory framework. Securitize will provide the tokenization infrastructure. The Atlas Capital Team, led by CEO Reza Bundy, developed the product.
Roubini co-authored the USAFi whitepaper. The move marks a significant pivot for an economist who spent the past decade attacking digital assets as lacking intrinsic value and offering no protection during economic crises.
“We are living through the most dangerous period for savers in a generation,” Roubini said in the whitepaper. “For years I argued that most digital assets offered no protection from this, because they had no real assets behind them.”
USAFi differs structurally from the cryptocurrencies Roubini criticized. The token gives investors blockchain-based exposure to the Atlas America Fund, which holds U.S. Treasuries, real estate, gold and agricultural commodities. Investors can transfer and settle the token on blockchain rails while maintaining claims on tangible assets backing the fund.
Roubini’s entry reflects broader momentum in tokenized assets. The sector reached approximately $30 billion in market size, excluding stablecoins, according to rwa.xyz data. BlackRock, Franklin Templeton and Apollo have all launched tokenized investment products in recent years.
Tokenization proponents argue the technology enables faster settlement, reduces friction in asset transfers and allows 24-hour trading. The approach also potentially widens investor access globally by removing traditional custody and geographic barriers.
Reza Bundy framed USAFi within a broader vision of blockchain-based wealth preservation. “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 said. “That is the foundation the digital economy has been missing, a regulated wealth-preservation strategy backed by real-world assets, in a form digital finance can actually use.”
The Atlas America Fund itself trades on Nasdaq under the ticker USAF. The fund’s stated strategy is to deliver stable returns across varying economic conditions while preserving capital.
Dubai’s VARA (Virtual Assets Regulatory Authority) framework has positioned the emirate as a hub for regulated digital asset activity. USAFi’s launch under VARA signals regulatory clarity around tokenized traditional assets, a category distinct from unregulated cryptocurrencies.
Roubini’s shift does not represent a blanket endorsement of crypto. His criticism of speculative digital assets without underlying collateral remains consistent with his support for asset-backed tokenization. The distinction between secured and unsecured tokens underpins his philosophical pivot.
The broader tokenization sector continues attracting institutional capital. Established asset managers see blockchain settlement and 24-hour trading as operational advantages for funds, bonds and equities. USAFi enters a market where regulatory frameworks are still solidifying, particularly outside traditional financial centers.
What happens next
USAFi is scheduled to launch in the third quarter of 2026. The exact launch date within that window has not been disclosed. Roubini and the Atlas Capital Team have not specified total funding for product development, detailed token economics, or the full set of regulatory approvals required beyond VARA certification.
