An adviser to Russian President Vladimir Putin has accused the US of using stablecoins and gold to strategically devalue its $37 trillion debt. At a press briefing during the Eastern Economic Forum in Vladivostok, Anton Kobyakov claimed that the US is attempting to rewrite the rules of the gold and cryptocurrency markets to address declining trust in the dollar. He suggested that this involves the US moving its debt into dollar stablecoins to effectively devalue it and restart economically. Kobyakov highlighted America's historical tendencies to resolve financial issues at the global expense, and proposed a strategy involving the government buying 1 million Bitcoin over five years to potentially retire outstanding federal debt. Amid escalating national debt, which has grown significantly since 1981, US Treasury Secretary Scott Bessent mentioned that stablecoins are vital to ensuring the dollar’s domination and risk management in debt auctions. In parallel, Russia is reportedly developing its own stablecoin to reduce reliance on US dollar-backed options, reflecting a noticeable shift in attitudes toward cryptocurrency since banning crypto payments in 2022.

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