Roubini Enters Blockchain With USAFi Tokenized Investment Fund

Economist Nouriel Roubini, widely recognized for accurately forecasting the 2008 financial crisis and for his longstanding criticism of cryptocurrencies, has taken his first major step into blockchain-based finance through a tokenized investment product. The initiative marks a notable shift in his approach to digital assets by focusing on blockchain technology backed by traditional financial instruments rather than speculative cryptocurrencies.

According to an announcement released on Tuesday, Roubini co-authored the whitepaper for USAFi, a tokenized investment product being developed by Atlas Capital Team. The new offering represents the blockchain-based version of the Atlas America Fund (USAF), an exchange-traded fund listed on Nasdaq and overseen by Roubini.

The USAFi project is designed to tokenize the Atlas America Fund, allowing investors to gain exposure to the underlying portfolio while enabling transfers and settlements through blockchain infrastructure.

Tokenized Fund Targets Modern Investment Infrastructure

Atlas Capital Team explained that USAFi functions as a blockchain-based security that mirrors the performance of the Atlas America Fund while benefiting from the efficiency of distributed ledger technology. The company plans to introduce the product during the third quarter under the regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA).

Securitize, one of the leading tokenization infrastructure providers, announced through its X account that it had been selected to supply the tokenization technology for the project. The company also described the initiative as Roubini’s first significant venture into blockchain-based finance.

The launch reflects the continued expansion of real-world asset tokenization, a sector that brings conventional financial products such as investment funds, bonds, and equities onto blockchain networks. Industry participants believe tokenization can simplify asset transfers, accelerate settlement processes, broaden investor access across global markets, and support trading activities beyond traditional market hours.

The growing adoption of tokenized financial products has also attracted major institutional participants, with several established asset managers introducing blockchain-based investment offerings. As a result, the tokenized asset market has expanded significantly, excluding stablecoins, demonstrating increasing institutional interest in blockchain-powered financial solutions.

Shift From Cryptocurrency Criticism to Asset-Backed Blockchain Solutions

Roubini has spent years expressing skepticism toward cryptocurrencies, frequently arguing that many digital assets lack intrinsic value and fail to provide meaningful financial protection. However, his involvement in USAFi highlights a distinction between speculative cryptocurrencies and blockchain products supported by tangible investment portfolios.

Unlike many digital tokens, USAFi is backed by a diversified portfolio that includes U.S. Treasuries, real estate holdings, gold, and agricultural commodities, with the objective of preserving capital while generating stable returns across varying economic conditions.

Roubini reportedly argued that investors are currently facing one of the most challenging environments in decades due to persistent inflation, trade disputes, and geopolitical uncertainty, all of which continue to reduce purchasing power. He also indicated that he had previously maintained that most digital assets offered little protection because they lacked real underlying assets.

Atlas Capital Team is positioning USAFi as a Technodollar investment vehicle rather than a conventional stablecoin. The firm’s leadership suggested that while stablecoins primarily facilitate digital dollar transfers across blockchain networks, tokenized investment products such as USAFi can function as digital reserve assets by providing exposure to a diversified collection of productive financial assets.

The initiative highlights a growing trend in which blockchain technology is being used to modernize traditional investment products, combining regulatory oversight with enhanced accessibility, settlement efficiency, and diversified asset exposure.

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