An advisor to Russian President Vladimir Putin stated that the United States is strategically using cryptocurrency and gold to devalue its debt in order to "urgently address the declining trust in the dollar."

According to RussiaDirect, Anton Kobyakov said at a press conference on Monday during the Eastern Economic Forum in Vladivostok, Russia: "The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—$35 trillion. These two sectors (cryptocurrency and gold) are essentially alternatives to the traditional global monetary system."

Kobyakov stated, "Just like in the 1930s and 1970s, the U.S. plans to solve its financial problems at the world's expense—this time by pushing everyone towards the 'crypto cloud.'"

Kobyakov indicated that this would involve Washington converting its debt into dollar stablecoins to devalue the debt, allowing the U.S. to "restart," but he did not explain how stablecoins would actually devalue the debt.

Putin’s advisor Kobyakov: The U.S. has devised a crypto scheme to erase its massive debt at the world’s expense. “The U.S. 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… pic.twitter.com/R4RDeYtaGg

One proposed implementation of this strategy is Senator Cynthia Lummis's Bitcoin bill, which proposes that the government purchase 1 million bitcoins over five years and hold them for 20 years, unless used to pay off outstanding federal debt.

According to data from the U.S. Treasury, the national debt has reached $37.43 trillion—more than ten times what it was in 1981. For the 33 years prior to 1981, U.S. debt remained stable between $3.3 trillion and $3.66 trillion.

However, U.S. officials claim that stablecoins are more focused on ensuring that the dollar remains the world's dominant currency. U.S. Treasury Secretary Scott Bessent stated in March: "We will use stablecoins to achieve this."

Former House Speaker Paul Ryan mentioned in July 2024 that stablecoins could also drive demand for U.S. debt instruments, which would reduce the risk of debt auction failures and the ensuing crisis.

The U.S. has made significant progress since then, with President Donald Trump signing the "U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act) in July.

In June, Russian state media reported that a new Russian ruble-backed stablecoin—A7A5—is being developed and will be launched on Tron.

This seems aimed at reducing reliance on the dollar stablecoin Tether (USDT), as Russia has been using USDT to settle oil trades with China and India.

Although Russia banned cryptocurrency payments in 2022, it has recently become more open to the sector, allowing financial institutions to offer cryptocurrency-based products to qualified investors in May.

Related: El Salvador celebrates the fourth anniversary of national adoption of Bitcoin (BTC), with mixed results in policy outcomes.

Original article: “Putin Advisor Claims U.S. is Using Stablecoins and Gold to Devalue Its $37 Trillion Debt”

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