Russian President Vladimir Putin’s adviser, Dmitry Kobyakov, has accused the United States of engineering a scheme to eliminate its $35 trillion national debt by leveraging stablecoins and digital assets.
Historical strategies revisited
Speaking at the Eastern Economic Forum on September 6, Kobyakov claimed that Washington is seeking to “rewrite the rules of the gold and crypto markets” to address declining global confidence in the US dollar.
He drew parallels to previous US debt management tactics from the 1930s and 1970s, suggesting that current efforts echo past strategies. Kobyakov stated:
“The US plans to solve its financial problems at the world’s expense—this time by pushing everyone into the ‘crypto cloud’. Over time, once part of the US national debt is placed into stablecoins, Washington will devalue that debt.”
Multi-stage debt solution
According to Kobyakov, the US may attempt to transfer sovereign obligations into digital instruments before enacting devaluation measures.
He described a process in which currency debt is moved into the “crypto cloud,” subsequently devalued, and then reset. He expanded:
“They have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.”
Regulatory and political developments
Kobyakov’s remarks coincide with heightened global interest in stablecoins and digital assets.
In July, President Donald Trump signed the GENIUS Act, establishing America’s first regulatory framework for dollar-pegged tokens.
Financial tensions and alternative systems
The Eastern Economic Forum serves as Russia’s main venue for discussing alternative financial systems in the Asia-Pacific region.
Kobyakov’s comments reflect Russia’s broader criticism of US monetary policy and the dominance of the dollar.
Moscow has advocated for alternative settlement systems and has promoted central bank digital currencies amid ongoing international sanctions.
