Nouriel Roubini has co-authored a whitepaper for USAFi, a digital security developed by Atlas Capital Team. The product is set to launch in the third quarter of 2026 under Dubai's Virtual Assets Regulatory Authority (VARA). Roubini, known for predicting the 2008 financial crisis, previously called Bitcoin the "mother of all scams" in 2018 and dismissed blockchain as overhyped. His involvement reflects a shift toward backing a product he describes as different: USAFi is a permissionless ERC-20 token backed by the Atlas America Fund, an SEC-registered ETF listed on Nasdaq (ticker USAF) with assets held at the Bank of New York. The fund invests across U.S. Treasuries, gold, real estate, agricultural commodities, defense, cybersecurity, and AI-impacted industries.
Atlas Capital Team Develops USAFi as ERC-20 Digital Security
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 USAFi token is backed by the Atlas America Fund, an actively managed ETF 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 the Bank of New York.
Owning USAFi means holding a digital representation of a regulated fund that invests across U.S. Treasuries, gold, real estate, agricultural commodities, defense, cybersecurity, and industries being reshaped by artificial intelligence (AI). 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.
Roubini Explains Shift from Crypto Criticism to Asset-Backed Product
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." 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. "What Atlas has built is different: a reserve diversified across Treasuries, gold, food and strategic commodities, defense, 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. 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."
Atlas Frames USAFi Around Technodollar Thesis
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 CEO and Chairman Reza Bundy 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 tokenized form of that strategy, designed, in his words, to preserve dollars rather than simply move them.
"Where stablecoins move dollars, the Technodollar is built to preserve them," he said.
Dubai VARA Provides Regulatory Framework for USAFi Launch
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.
Roubini pointed to Dubai's regulatory environment as a key reason for the launch location.
"VARA has developed a framework that embraces responsible innovation while maintaining the transparency and investor protection that institutional markets require," he said. "Through VARA, Dubai is at the forefront of this transition."
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.
FAQ
What did Nouriel Roubini do with Atlas Capital Team?
Nouriel Roubini co-authored a whitepaper for USAFi, a digital security developed by Atlas Capital Team set to launch in the third quarter of 2026 under Dubai's Virtual Assets Regulatory Authority (VARA).
Why did Roubini shift from criticizing crypto to backing USAFi?
Roubini explained that USAFi is backed by real assets through the Atlas America Fund, an SEC-registered ETF investing in U.S. Treasuries, gold, real estate, commodities, defense, cybersecurity, and AI-impacted industries, which he sees as different from speculative digital assets he previously criticized.
How has the Atlas America Fund performed since launching?
Since launching 19 months ago, the Atlas America Fund (ticker USAF) has returned 11.11%, with volatility of 5.47% and a Sharpe ratio of 0.55.
