Claims of Financial Strategy Spark Debate Amid Rising Global Tensions
A senior adviser to Russian President Vladimir Putin has accused the United States of turning to stablecoins and gold as part of a strategy to devalue its $37 trillion national debt, raising fresh concerns over the role of crypto in geopolitics.
US Debt and Alternative Assets
Speaking at the Eastern Economic Forum in Vladivostok, Anton Kobyakov argued that Washington is “rewriting the rules of the gold and cryptocurrency markets” to urgently address declining trust in the US dollar.
“Remember the size of their debt — $35 trillion. These two sectors (crypto and gold) are essentially alternatives to the traditional global currency system,” Kobyakov said. He compared the strategy to policies of the 1930s and 1970s, where the US sought to resolve financial crises at the expense of global partners.
According to Kobyakov, one possible pathway would involve moving debt into dollar-backed stablecoins, effectively diluting its value and giving the US a way to “start from scratch.” He also pointed to discussions in Washington, including Senator Cynthia Lummis’ Bitcoin Act, which proposes the US government accumulate 1 million Bitcoin over five years as a hedge against debt.
Official US Position on Stablecoins
While US officials have not confirmed such debt-reduction tactics, they have highlighted stablecoins as central to maintaining dollar dominance. Earlier this year, US Treasury Secretary Scott Bessent said stablecoins will be used to reinforce the greenback’s position as the world’s reserve currency.
Former House Speaker Paul Ryan also noted in 2024 that stablecoins backed by dollars could increase demand for US debt instruments, reducing the risk of failed bond auctions and supporting financial stability.
The GENIUS Act, signed into law in July by President Donald Trump, has already established a framework for regulated US stablecoins, signaling Washington’s intent to expand the sector’s role in global finance.
Russia Eyes Its Own Stablecoin
Moscow is also preparing to launch a ruble-backed stablecoin, known as A7A5, on the Tron blockchain. Reports suggest it may serve as an alternative to USDT, which Russia has previously used in oil trade settlements with China and India.
Despite a 2022 ban on crypto payments, Russia has shifted its stance in recent months, allowing accredited investors access to crypto-based products and exploring blockchain applications in trade.
The debate underscores how stablecoins and digital assets are emerging as tools in geopolitical competition. With the US facing unprecedented debt levels and Russia seeking alternatives to dollar reliance, analysts warn that financial innovation is becoming inseparable from global power struggles.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.