Russia Says U.S. Will Use Stablecoins to Wipe Out $35T Debt

• Russia claims US wants to shift massive debt pressure into the crypto cloud and gold markets
• Officials insist stablecoins strengthen dollar power while critics warn of hidden global debt transfer tricks.

Russia has accused Washington of planning to offload its massive debt obligations through cryptocurrency and gold. Anton Kobyakov, adviser to President Vladimir Putin, said at the Eastern Economic Forum in Vladivostok that the U.S. strategy is aimed at rewriting global financial rules. Kobyakov stated,

He drew comparisons with the 1930s and 1970s, alleging that once again the U.S. seeks to manage its domestic financial stress  “at the world’s expense” by forcing global adoption of digital assets. He said, 

U.S. Debt Now Surpasses $37 Trillion

According to the U.S. Treasury figures, the country’s obligations stand at $37.43 trillion, marking more than a ten times rise since 1981. Between 1948 and 1981, the balance never moved far from a range of $3.3 trillion to $3.66 trillion.

The Congressional Budget Office predicts that public debt will surpass 150% of GDP by 2055, a level that could strain fiscal credibility worldwide. Washington has not addressed Kobyakov’s charges directly but continues to push digital asset legislation.

In July, President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, which sets a framework for issuing stablecoins backed by dollars.

Stablecoins at the Center of Dispute

U.S. officials argue that stablecoins are not about erasing debt but strengthening dollar dominance. “We will use stablecoins to do that,” Treasury Secretary Scott Bessent said in March. Paul Ryan, former House Speaker, added weight to this argument in July 2024. He suggested dollar-backed stablecoins could actually create more demand for U.S. public debt, lowering risks of a failed bond sale and stabilizing the system against challenges from countries like China.

Ryan added, 

Meanwhile, Senator Cynthia Lummis introduced the Bitcoin Act, a proposal for Washington to purchase one million Bitcoin over five years. The tokens would remain locked for two decades unless used to retire outstanding federal obligations.

Coinbase CEO Brian Armstrong has suggested that a worldwide debt crisis might elevate Bitcoin into a reserve currency. However, Kobyakov’s interpretation differs, portraying American initiatives as an attempt to escape responsibility through financial engineering.

He claimed Washington seeks to transfer debt into stablecoins, which in his words would allow the U.S. to “start from scratch.” However, critics note that he gave no explanation of how such a conversion would actually lower debts.