Key Takeaways
A top Russian official viewed U.S. aggressive stablecoin and crypto moves as a way to ‘devalue’ debt, like it did in the 1930s and 1970s.
Russia has slammed the U.S. stablecoins and crypto plans as a way to escape its massive fiscal debt.
In a recent interview, Anton Kobyakov, senior adviser to Russian President Vladimir Putin, said,
“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars.”
He acknowledged that crypto and gold are alternatives to the traditional global currency system dominated by the U.S. dollar.
However, the U.S. plans to discount its debt through stablecoins and salvage the dollar’s appeal, added Kobyakov.
“Washington’s actions in this area clearly highlight one of its main goals: to urgently address the declining trust in the dollar. As in the 1930s and the 1970s, the U.S. plans to solve its financial problems at the world’s expense.”
Stablecoins among biggest T-bills buyers
Most market watchers agreed with Kabyakov’s arguments. One user noted that Franklin Roosevelt devalued the dollar against gold in the 1930s, cutting U.S. debt instantly.
In the 1970s, Richard Nixon followed the same playbook and shifted the global currency system from gold to fiat, with global creditors carrying the costs.
For Kabyakov, stablecoin is the 21st-century version of this old playbook.
Well, the President Donald Trump Administration has publicly acknowledged that stablecoins are the best way to reinforce the dollar as the world’s reserve currency.
In fact, one of the key requirements in the U.S. stablecoin law, GENIUS Act, is the use of U.S. Treasury bills (T-bills, debt instruments) to back the digital dollars issued.
So far, stablecoins have become the third-largest buyer of T-bills. They are also the fourth-largest holders of U.S. debt as of early 2025.
Source: Andersen Institute
Simply put, stablecoins are already a growing lifeline for U.S. debt. In fact, in 2024, Trump said that stablecoins and Bitcoin had massive potential to ‘wipe out’ our $35 trillion debt.
It remains to be seen whether the U.S. dominance in the sector will be at the ‘expense’ of the world.
However, Russia has been exploring stablecoins, CBDCs (Central Bank Digital Currencies), and crypto to bypass sanctions and reduce U.S. dollar reliance.
Looking forward, it will be interesting to watch how nation-states balance crypto and national security interests.
