"Russia Warns of U.S. Crypto Gambit to Reset Debt Clock"

Russia’s deputy chairman of the Organizing Committee for the Eastern Economic Forum, Anton Kobyakov, has accused the United States of attempting to use cryptocurrency and gold markets to address its $35 trillion debt. Speaking at a press briefing in Vladivostok, Kobyakov suggested that the U.S. is seeking to rewrite the rules of these markets to create alternatives to the traditional global currency system, which he argued could help the country manage its growing debt burden [1]. According to Kobyakov, the U.S. might move its debt into stablecoins and then devalue it, effectively “starting from scratch” [1]. He emphasized that Washington’s actions in this area highlight its broader goal of addressing the declining trust in the U.S. dollar [2].

Kobyakov’s claims align with broader concerns about the U.S. national debt, which is currently over $35 trillion and is projected to surpass 150% of GDP by 2055. The U.S. debt has surged due to decades of budget deficits, military spending, and pandemic-era borrowing, according to the Peter G. Peterson Foundation [2]. While there is no evidence to suggest that U.S. policymakers are pursuing such a strategy, the idea of using stablecoins to manage debt is not entirely new. Earlier this year, U.S. Treasury Secretary Scott Bessent suggested that crypto could enhance the dollar’s global dominance rather than weaken it [1]. In July, President Donald Trump signed the GENIUS Act, which provides a legal framework for the issuance and trading of stablecoins in the U.S. [1].

Despite the skepticism surrounding stablecoins and cryptocurrencies, their growing integration into the financial system has drawn both interest and scrutiny. Some analysts, including Coinbase CEO Brian Armstrong, have speculated that a global debt crisis could lead to the rise of Bitcoin as a reserve currency. However, Kobyakov’s comments reflect a more critical view of U.S. intentions in this space, suggesting that Washington is leveraging digital assets to avoid the consequences of its fiscal policies [1]. His remarks also highlight a broader geopolitical narrative that frames cryptocurrency and gold as tools in the struggle for global financial influence.

Notably, Russia itself is not entirely opposed to stablecoins. In July, state media reported that a Russian state-owned weapons manufacturer was working on a ruble-backed stablecoin set to launch on the Tron blockchain [1]. This indicates that Russia may see potential in digital assets, even as it criticizes U.S. involvement in the sector. However, the U.S. remains the central actor in this debate, with its policymakers and regulators shaping the legal and economic environment for stablecoins and other digital assets.

The U.S. national debt remains a pressing issue, with the country’s obligations growing faster than its economy. The Congressional Budget Office projects that U.S. public debt will exceed 150% of GDP by 2055 [2]. While Kobyakov’s claims about the U.S. using crypto and gold to address its debt are speculative, they underscore the increasing role of digital assets in global finance and the geopolitical tensions that accompany their rise. The U.S. has not responded to these allegations, but the debate over the future of the dollar, cryptocurrencies, and global financial stability is unlikely to fade [1].

Source:

[1] Putin Advisor Accuses US of Using Crypto, Gold to Escape (https://finance.yahoo.com/news/putin-advisor-accuses-us-using-214522644.html)

[2] Putin advisor claims U.S. may tap crypto to ease debt (https://finance.yahoo.com/news/putin-advisor-claims-u-may-204047857.html)

[3] Federal Debt Held by the Public (FYGFDPUN) - FRED (https://fred.stlouisfed.org/series/FYGFDPUN)