A senior aide to Russian President Vladimir Putin has suggested that Washington is leveraging both cryptocurrency and gold to weaken the weight of its mounting national debt, which now stands at more than $37 trillion.
Speaking at the Eastern Economic Forum in Vladivostok, economic adviser Anton Kobyakov claimed that the United States is attempting to reshape the global rules around crypto and gold as confidence in the dollar continues to erode.
“With debt levels this high, the U.S. is trying to reset the system at the world’s expense — just as it did in the 1930s and 1970s. This time, the push is toward the so-called ‘crypto cloud,’” Kobyakov said, according to Russian state outlet RussiaDirect.
He alleged that part of the plan involves moving U.S. obligations into dollar-backed stablecoins, effectively diluting their value and allowing Washington to start fresh. However, no detailed explanation was given on how this would practically reduce the debt burden.
The Bitcoin Act and Stablecoin Strategy
One proposal tied to this strategy is Senator Cynthia Lummis’ Bitcoin Act, which would see the government purchase 1 million BTC over five years and hold it for two decades, potentially using it to retire federal debt.
Meanwhile, U.S. officials have been open about using stablecoins as a geopolitical tool. Treasury Secretary Scott Bessent earlier this year emphasized that dollar-pegged stablecoins can help maintain the greenback’s global dominance.
Former House Speaker Paul Ryan also noted that stablecoins create new demand for U.S. Treasuries, lowering the risk of failed auctions and reducing reliance on foreign buyers.
In July, President Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) into law, cementing the U.S. government’s commitment to this direction.
Russia’s Countermove
Moscow, meanwhile, is preparing its own digital currency initiative. Reports in June revealed that Russia is developing a ruble-backed stablecoin — named A7A5 — which will launch on the Tron blockchain.
This move is seen as part of Russia’s effort to reduce dependence on Tether (USDT), which has already been used in oil transactions with China and India.
Although Russia banned crypto payments domestically in 2022, it has gradually shifted its stance, recently allowing accredited investors to access crypto-linked financial products.
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