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- 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,
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.
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,
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.
Russia just accused the US of using crypto to wipe out its $35T debt.
Putin’s adviser Kobyakov says Washington will shove debt into stablecoins, devalue it, and reset the system.pic.twitter.com/IwmiLYp2ic
— TFTC (@TFTC21) September 8, 2025
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,
Stablecoins backed by dollars provide demand for U.S. public debt and a way to keep up with China.
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.
