TLDR
- Putin adviser Anton Kobyakov accuses US of using cryptocurrency and gold to devalue $37 trillion debt
- Claims America plans to move debt into stablecoins through “crypto cloud” system
- US officials say stablecoins strengthen dollar dominance rather than devalue debt
- Senator Lummis proposes Bitcoin strategic reserve as debt management tool
- Russia developing ruble-backed stablecoin A7A5 to compete with US dollar stablecoins
A senior economic adviser to Vladimir Putin has made explosive claims about American cryptocurrency policy. Anton Kobyakov alleges the United States government plans to use digital currencies and gold to devalue its massive $37 trillion national debt.
Speaking at the Eastern Economic Forum in Vladivostok, Kobyakov accused Washington of rewriting global financial rules. He said America wants to address declining trust in the US dollar through strategic cryptocurrency adoption.
The Russian official claimed the US plans to move government debt into dollar-backed stablecoins. This “crypto cloud” system would allow America to devalue its obligations and achieve a financial reset.
Kobyakov compared this strategy to historical precedents from the 1930s and 1970s. During both periods, America made major monetary policy changes to address financial pressures.
US national debt has grown dramatically over recent decades. Current obligations total $37.43 trillion, representing a ten-fold increase since 1981.
Bitcoin Reserve Proposal Gains Attention
The adviser pointed to Senator Cynthia Lummis’ Bitcoin Act as evidence of crypto debt strategy. This legislation proposes purchasing 1 million Bitcoin over five years for government reserves.
The bill suggests holding Bitcoin for 20 years unless needed to retire federal debt. This represents a major shift toward cryptocurrency adoption at the federal level.
American officials have offered different explanations for stablecoin policies. Treasury Secretary Scott Bessent said stablecoins help maintain dollar dominance globally.
Former House Speaker Paul Ryan argued that dollar-backed stablecoins increase demand for US debt instruments. This demand could prevent failed debt auctions and financial crises.
President Trump recently signed the GENIUS Act into law. This legislation provides regulatory framework for stablecoin operations in America.
Russia Develops Competing Digital Currency
Moscow is not ignoring stablecoin development opportunities. Russian media reported plans for a ruble-backed stablecoin called A7A5 on the Tron blockchain.
This digital currency aims to reduce Russian dependence on US dollar stablecoins like Tether. Russia currently uses USDT for oil trades with China and India.
The country banned crypto payments in 2022 but has softened its stance recently. Financial institutions can now offer crypto products to qualified investors.
Russia’s stablecoin development reflects broader competition over monetary control. Both superpowers are positioning for increased cryptocurrency adoption in international finance.
Kobyakov’s accusations remain unverified but highlight growing tensions over financial system dominance. The claims suggest cryptocurrency adoption has become intertwined with national security strategies.
The Eastern Economic Forum serves as Russia’s platform for discussing Asian partnerships. Moscow has sought alternatives to Western financial systems since increased sanctions in 2022.
These developments occur as governments worldwide grapple with cryptocurrency regulation. Digital currencies are becoming central to discussions about future monetary policy and international trade.
The competition between US and Russian stablecoin strategies may reshape global finance. Both nations appear committed to using digital currencies for geopolitical advantage.
