- Russia’s Kobyakov claims US debt could be hidden in stablecoins, reshaping global monetary confidence.
- US GENIUS Act sets stablecoin rules, while Russia readies a ruble token for cross-border trade.
A senior Russian official has suggested that the United States may be moving parts of its national debt into gold and stablecoins. Anton Kobyakov, special advisor to Russian President Vladimir Putin, made the remarks at the Eastern Economic Forum. He questioned whether Washington is using digital assets and gold to lower the burden of its $35 trillion debt.
Kobyakov said,
“The US is changing rules in both the gold and cryptocurrency markets to counter falling confidence in the dollar.”
He described the possible use of stablecoins as placing debt into a “crypto cloud.” According to him, such a step would reduce the debt’s value and allow the country to “begin from scratch.”
Russia just accused the US of using crypto to wipe out its $35T debt.
Putin’s adviser Kobyakov says Washington will shove debt into stablecoins, devalue it, and reset the system.pic.twitter.com/IwmiLYp2ic
— TFTC (@TFTC21) September 8, 2025
Meanwhile, the advisor also drew parallels with previous decades, citing the 1930s and 1970s when global monetary resets shifted costs onto other nations. He argued that gold and stablecoins now serve as parallel currencies and could be used by the US to maintain influence.
Gold, Stablecoins, and the Dollar
Kobyakov said that gold and dollar-pegged tokens are shaping global trade as new alternatives to traditional currency systems. He claimed that by linking them to its financial system, the US seeks to defend its position in world markets.
Not all officials agree with this view. US Treasury Secretary Scott Bessent stated that digital assets tied to the dollar could reinforce its role. He argued that properly regulated stablecoins may support, rather than weaken, confidence in the dollar worldwide.
Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy.
Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long.
This administration is committed to… pic.twitter.com/vWsLgYyNW7
— Treasury Secretary Scott Bessent (@SecScottBessent) June 18, 2025
In July 2025, President Donald Trump signed the GENIUS Act, which created rules for issuing and trading stablecoins. The law allows institutions to back these tokens with fiat money or collateral such as US Treasuries. Supporters in Congress said the measure provides regulatory certainty and helps maintain the dollar’s global presence.
The framework requires issuers to meet federal standards and gives regulators oversight of operations. Lawmakers said the aim was to modernize the US financial system while keeping the dollar central to international payments.
Russia’s Ruble-Backed Token
At the same time, Russia is pursuing its own digital asset project. The government has announced plans to launch a ruble-backed stablecoin called A7A5 on the Tron blockchain. Officials said the token is intended for cross-border transactions and to reduce reliance on dollar-based assets such as Tether (USDT).
Kobyakov commented, “The US is trying to preserve its system with new tools, while Russia is building an independent network.” The contrasting strategies show how both countries are using blockchain and digital assets, but with different goals.
