Anton Kobyakov, adviser to Russian President Vladimir Putin, said the United States is turning to stablecoins and gold to manage its $37 trillion debt.
He made the remarks during a press briefing at the Eastern Economic Forum in Vladivostok. “The US is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt — $35 trillion. These two sectors (crypto and gold) are essentially alternatives to the traditional global currency system,” Kobyakov told reporters, according to RussiaDirect.
He added that Washington’s current plan echoes previous decades.
“As in the 1930s and the 1970s, the US plans to solve its financial problems at the world’s expense — this time by pushing everyone into the ‘crypto cloud,’”
Kobyakov said.
Stablecoins and the Bitcoin Act in Debt Reduction Plan
Kobyakov claimed Washington could transfer its outstanding debt into US dollar stablecoins, a step he argued would devalue liabilities. He did not explain the mechanism behind such devaluation.
The adviser also pointed to Senator Cynthia Lummis’ Bitcoin Act, which proposes that the US government buy 1 million Bitcoin within five years. Under the bill, the assets would be held for 20 years unless used to retire existing federal debt.
Kobyakov said the proposal would allow Washington to reset its balance sheet, but technical details of implementation remain unclear.
US Debt Reaches Record $37.43 Trillion
According to US Treasury data, the national debt now totals $37.43 trillion, showing a steep rise over four decades.
In the 33 years before 1981, US debt stood between $3.3 trillion and $3.66 trillion. Since then, borrowing has expanded more than tenfold, reaching today’s unprecedented levels.
Treasury charts illustrate the sharp escalation, highlighting the growing fiscal challenge.
US Officials Say Stablecoins Protect Dollar’s Role
American officials, however, describe stablecoins as instruments to defend the dollar’s dominance in global markets.
“We will use stablecoins to do that,”
Treasury Secretary Scott Bessent said in March.
In July 2024, former House Speaker Paul Ryan added that dollar-backed stablecoins would help sustain demand for US debt instruments.
“Stablecoins backed by dollars provide demand for US public debt and a way to keep up with China,”
Ryan explained.
Later that month, President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). The law established regulatory rules for issuing US-backed stablecoins.
Russia Plans Ruble-Backed Stablecoin on Tron
Russia is also preparing its own stablecoin. In June, state media reported that a ruble-backed token, named A7A5, would be launched on the Tron blockchain.
The effort comes as Russia reduces reliance on the US dollar-backed Tether (USDT), which it has used for oil transactions with China and India.
Although Moscow banned crypto payments in 2022, it has eased restrictions. In May, Russian regulators permitted banks and financial institutions to offer crypto-based products to accredited investors.
