Nouriel Roubini, an American economist known for warning about macro risks and attacking crypto, is now helping launch USAFi, an Ethereum-based token backed by his own Atlas America ETF.
Atlas Capital Team and its Dubai arm, Atlas AI Labs, said on June 23 that the USAFi token is planned for Q3 under Dubai's Virtual Assets Regulatory Authority.
The product, pitched as a "regulated permissionless security," is backed by USAF, an SEC-registered Atlas America Fund ETF custodied at BNY Mellon.
- Roubini argues most tokens offer little protection against inflation, wars, trade shocks and other macro risks because they aren't backed by real assets.
- But Atlas, as the press release reads, takes a different route, using a reserve tied to Treasuries, gold, food and strategic commodities, defense, cybersecurity and AI-linked industries to back USAFi.
What holders actually get
Still, the token is less open than the "permissionless" label suggests in the press release. Atlas's FAQ page says USAFi isn't live yet, isn't sold in the U.S., and will be available only to eligible non-U.S. holders who pass KYC, AML, sanctions and jurisdiction checks.
Moreover, USAFi holders won't own shares in the ETF. Atlas says they will hold a contractual claim against the issuer, backed by ETF shares held at BNY Mellon.
Redemption can start on-chain, but cash settlement will still follow market hours and custody cutoffs.
The token won't be free to hold even passively. According to Atlas's own example, a $10 million USAFi position held for one year would face about $135,000 in combined annual fees, split between the underlying ETF and the token issuer.
For now, there's no exact launch date. Atlas only says USAFi is planned for Q3, which basically means any time from July to September, as long as the Dubai regulatory process is fully cleared before then.