Securitize will turn Nouriel Roubini’s Atlas America Fund into a digital security called USAFi, issued under Dubai’s Virtual Assets Regulatory Authority. The tokenized fund will be custodied at Bank of New York and designed for institutional collateral that can move around the clock.
A fund with a crypto skeptic at the helm
Roubini, the economist known for predicting the 2008 financial crisis, has long been critical of cryptocurrencies. His fund’s tokenization marks a shift from critique to adoption of blockchain-based financial tools. USAFi is not a crypto token in the speculative sense—it’s a regulated digital security meant to represent shares in the Atlas America Fund, which invests in U.S. Treasuries and other short-term instruments.
Why Dubai’s VARA matters
The product falls under Dubai’s Virtual Assets Regulatory Authority, one of the first dedicated crypto regulators globally. By issuing USAFi under VARA, Securitize and Roubini gain a clear legal framework for the token. That regulatory cover is key for institutional investors who need to know the asset is compliant before using it as collateral.
Collateral that never sleeps
The selling point is portability. Traditional collateral like Treasury bills settles during banking hours. USAFi, as a token on a blockchain, can be transferred, pledged, or redeemed 24/7. Bank of New York holds the underlying assets, so the token represents a real claim backed by a major custodian. Securitize handles the technology layer, converting fund shares into tokens that can move across platforms that accept VARA-licensed securities.
What’s next for USAFi
The token hasn’t launched yet. Securitize and the fund manager still need to finalize the offering and get the necessary approvals from VARA for the specific token structure. Once live, USAFi will test whether institutional investors actually want round-the-clock collateral mobility—and whether a well-known bear can make peace with the blockchain.
