Russian presidential adviser Dmitry Kobyakov at the Eastern Economic Forum claimed that the US intended to settle its $35 trillion of national debt using stablecoins. He drew parallels to the past experience of the 1930s and 1970s when it is believed that the US regulated debt loads via international economic transformations.
“Crypto Cloud” to Devalue Debt?
Kobyakov said that the US wants to migrate some of its debt into digital goods, specifically stablecoins, and subsequently execute a value reset. He said, They will put it in the crypto cloud, depreciate it–and begin anew. Aiming to solve domestic financial problems at the cost of the world, he claimed, is the aim.
GENIUS Act Raises International alarm.
The comments of Kobyakov come after the July enactment of the GENIUS Act by President Trump that provides a regulatory framework of stablecoins in the US. Kobyakov considers this a policy move, as opposed to technology innovation, although markets are hailing it as such-preparing the world to restructure its monetary system.
One of a Greater Financial Change?
Since the US imposes international sanctions in 2014, Russia has been highly critical of US dollar dominance. The last caution issued by Kobyakov is a bigger narrative that questions the Western financial systems. Stablecoins have become the centre of world economic discussions with a large number of countries considering central bank digital currencies.
