- A Putin advisor alleges the US is using crypto markets to address its $35 trillion debt.
- He frames gold and crypto as alternatives to the US dollar, which are gaining traction globally.
A senior advisor to Russian President Vladimir Putin has claimed that the US is attempting to use crypto, in particular stablecoins, to devalue its massive national debt and reset the global financial order in its favor.
Speaking at the Eastern Economic Forum, Anton Kobyakov, special advisor to President Putin, said the US is trying to alter regulations in both the gold and crypto markets to combat declining confidence in the US dollar.
“Right now, the US is trying to change the rules on the gold and crypto markets. Just think about their debt, $35 trillion,” Kobyakov said. “These are two alternative currencies to the global market segment.”
“Over time, when part of the US government debt is placed in stablecoins, the US will devalue this debt,” he said. “In other words, they have a $35 trillion debt, they drive it into a crypto cloud, devalue it, and start from scratch.”
The Russian advisor drew parallels to previous US financial strategies, stating that the US, as it was in the 1930s and 1970s, would solve its financial problems at the expense of the whole world, driving everyone into a crypto cloud.
Treasury Secretary Scott Bessent has expressed interest in selling government bonds through stablecoins, while President Trump has indicated support for using crypto to eliminate national debt.