Putin Adviser Alleges US Uses Stablecoins and Gold to Devalue $37T Debt
Anton Kobyakov, an adviser to Russian President Vladimir Putin, claimed that the United States is strategically employing cryptocurrency and gold markets to devalue its substantial national debt of approximately $37 trillion. Speaking at the Eastern Economic Forum in Vladivostok, Russia, Kobyakov suggested that this approach aims to address declining trust in the US dollar by effectively rewriting financial rules.
US Debt and the Role of Stablecoins
Kobyakov stated that the US is attempting to shift its debt into US dollar-backed stablecoins, thereby devaluing it and enabling a financial reset. He compared this strategy to historical US debt management tactics from the 1930s and 1970s, which involved leveraging global economic conditions to alleviate domestic financial burdens. However, he did not provide a detailed explanation of the mechanism by which stablecoins would achieve such debt devaluation.
One policy aligned with this narrative is Senator Cynthia Lummis’ Bitcoin Act, which proposes that the US government purchase one million Bitcoins over five years and hold them for two decades, unless used to retire federal debt.
US Officials Emphasize Stability and Dollar Dominance
Contrasting Kobyakov’s assertions, US Treasury Secretary Scott Bessent has articulated that stablecoins primarily serve to sustain the US dollar’s supremacy in global finance. According to Bessent, stablecoins help maintain dollar dominance and bolster the demand for US debt instruments, mitigating risks such as failed debt auctions.
Former House Speaker Paul Ryan echoed this view in July 2024, stating that dollar-backed stablecoins enhance demand for US public debt and provide a competitive edge against China.
In regulatory developments, the US government enacted the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) in July 2025, signaling a commitment to stablecoin oversight and innovation.
Russia’s Own Stablecoin Initiatives
Meanwhile, Russia is advancing its own stablecoin ambitions. In June 2025, reports emerged of a ruble-backed stablecoin named A7A5 planned for launch on the Tron blockchain. This initiative appears aimed at reducing Russia’s dependence on US dollar stablecoins like Tether (USDT), which Moscow has used for oil trade settlements with China and India.
Despite banning cryptocurrency payments in 2022, Russia has recently relaxed its stance, allowing financial institutions to offer crypto-based products to accredited investors as of May 2025.
FinOracleAI — Market View
The claim by a Russian adviser that the US is using stablecoins and gold to devalue its debt introduces geopolitical tensions around cryptocurrency’s role in sovereign finance. Although speculative, these assertions highlight the strategic importance of digital assets in global economic power dynamics. US regulatory moves like the GENIUS Act and proposals such as the Bitcoin Act underscore Washington’s intent to integrate digital currencies into public finance frameworks, primarily to reinforce dollar dominance.
Risks include increased scrutiny of stablecoins amid geopolitical disputes and potential market volatility if these narratives influence investor sentiment. Observers should monitor US stablecoin regulation progress and Russia’s stablecoin deployment for shifts in global crypto adoption and sovereign debt management strategies.
Impact: neutral
