The latest remarks from Anton Kobyakov, senior adviser to Russian President Vladimir Putin, have sent ripples through the financial and crypto world. Speaking at the Eastern Economic Forum, he accused Washington of plotting to “rewrite the rules” of global finance by using stablecoins, cryptocurrencies, and even gold to quietly shrink its $35 trillion debt. At the heart of his warning lies America’s new GENIUS Act, the country’s first federal crypto law, which legally binds stablecoins to U.S. Treasuries.
Supporters hail it as a clever way to extend dollar dominance and cut borrowing costs without printing more money, while critics argue it’s a debt manipulation scheme disguised as innovation. The truth sits somewhere in between—an emerging financial strategy that could reshape global markets, unsettle rivals, and redefine what money means in the digital age.
Is the U.S. Turning Stablecoins Into a Debt Weapon?
When Anton Kobyakov, one of Putin’s senior advisers, claimed that Washington will “shove debt into stablecoins, devalue it, and reset the system,” the remark sounded sensational. But if you connect it to the recently passed GENIUS Act—the first federal crypto law in the U.S.—the statement doesn’t feel that far-fetched. Let’s unpack what’s happening here.
What the GENIUS Act Really Did?
Trump’s GENIUS Act forces all U.S. stablecoins to be fully backed 1:1 with Treasuries or cash, with public audits and strict compliance. That means:
- Every dollar of stablecoins minted equals a dollar of U.S. government debt being purchased.
- Stablecoin issuers like Circle get to keep the yield on those Treasuries—currently around 4%—as their business model.
- The government doesn’t print more money or raise taxes. Instead, private firms fund U.S. debt in exchange for risk-free profits.
Think of it as outsourcing the global distribution of U.S. debt to crypto companies, who wrap it in digital dollars and export it worldwide.
Why This Benefits the U.S.?
The U.S. has a $35 trillion debt pile. Servicing that debt gets easier if there are more buyers of Treasuries. By making stablecoins legally tied to Treasuries, the U.S. just guaranteed a new class of perpetual demand.
Here’s the kicker:
- At $100 billion in stablecoins, that’s $100 billion of Treasuries bought.
- At $1 trillion, it’s $1 trillion of Treasuries absorbed.
- At $10 trillion, you’re talking about a private-sector engine that could refinance a massive share of U.S. borrowing.
Meanwhile, stablecoin issuers earn billions in yield, and the U.S. extends dollar dominance by making digital dollars the backbone of global payments.
The Inflation Trick
Kobyakov’s warning isn’t just about stablecoins. He’s pointing to the inflation math.
- If Treasuries yield 4% but inflation runs at 5%, the U.S. is effectively paying back less in real terms.
- Debt gets “serviced” on paper, but the true cost to the lender shrinks every year.
- Stablecoin issuers and foreign buyers eat the inflation losses, while Washington quietly wins.
- This isn’t printing money, and it isn’t raising taxes. It’s a structural way to devalue debt over time.
Why Russia and Others Are Alarmed?
For Russia, China, and other U.S. rivals, this looks like financial warfare disguised as innovation. Kobyakov’s warning at the Eastern Economic Forum in Vladivostok frames it as a global power shift:
- Stablecoins become dollar proxies, tightening U.S. grip over global trade.
- Private firms profit, but the U.S. government reduces its financing costs.
- Rivals’ reserves and assets are forced into a system that quietly devalues their holdings.
From Moscow’s perspective, Washington isn’t just building a new payments rail. It’s rewriting the rules of the international financial system—without needing IMF reforms, G20 consensus, or gold-backed alternatives.
The Bigger Picture: A System Reset?
If the U.S. succeeds in scaling this model, the implications are huge:
- The dollar doesn’t just remain dominant; it evolves into digital form faster than rivals can respond.
- U.S. debt becomes easier to sustain, even at massive scale.
- Cryptocurrencies and gold are reframed not as threats, but as tools in America’s debt strategy.
Kobyakov’s phrase about “shoving debt into stablecoins” might sound extreme, but it’s shorthand for a real mechanism: use stablecoin demand to finance debt, let inflation do the quiet devaluation, and preserve geopolitical leverage.
Prediction: What Comes Next?
Explosion in U.S. stablecoin supply: Expect rapid growth as private issuers scale up to meet global demand for digital dollars.
Pressure on rivals: China’s digital yuan and Europe’s MiCA-regulated tokens will struggle to compete with Treasuries-backed stablecoins that double as yield machines.
Geopolitical backlash: Russia and others will push harder for alternatives like gold settlement, BRICS currencies, or Bitcoin integration in trade.
Debt optics: On paper, the U.S. debt problem looks the same, but in real terms, Washington is buying decades of breathing room.
The GENIUS Act didn’t just regulate crypto. It engineered a way for private companies to funnel global capital into U.S. Treasuries, lowering borrowing costs while extending the dollar’s reach. Critics like Kobyakov see this as manipulation. Supporters see it as brilliance.
What it really means is that America just turned stablecoins into a financial weapon—and the world will have to decide whether to adopt it, resist it, or build their own alternatives.
Source: https://cryptoticker.io/en/putins-advisor-us-plotting-to-erase-dollar35-trillion-debt-with-crypto/
