Kobyakov made his remarks during the Eastern Economic Forum in Vladivostok, claiming that the U.S. is working to reshape the rules of gold and cryptocurrency markets to convert part of its debt into stablecoins.
He considered this step to reflect a decline in confidence in the U.S. dollar and Washington's increasing reliance on alternative assets. He pointed out that the United States is betting on its gold and cryptocurrency holdings to address the debt crisis, viewing this strategy as a way to maintain the value of the U.S. economy while shifting the burden onto the rest of the world.
Declining Confidence in the Dollar Kobyakov emphasized that the massive U.S. debt is one of the foremost global financial risks, explaining that the size of the debt has increased more than tenfold since 1981. He added that the U.S. is now trying to resolve this issue by converting part of this debt into stablecoins, which he described as potentially pushing the world toward a "cryptocurrency cloud."
He noted that the U.S. dollar no longer enjoys the previous level of trust and reliance, opening the door for the rise of new financial alternatives that threaten its status as a traditional global currency system.
Warnings of Global Consequences The Russian advisor warned that the U.S. reliance on cryptocurrencies to pay off debt could expose global financial stability to serious risks. He cited the history of American economic crises, recalling that Washington resorted to unconventional measures in the 1930s during the Great Depression, as well as in the 1970s, in attempts to rescue its economy.
He stressed that the United States is repeating the same scenario today through digital currencies, considering that the world may find itself facing the repercussions of these policies at the expense of its financial stability.
So far, the United States has not directly denied that its developing framework for digital currencies could be used as a means to alleviate the national debt burden. Last June, during discussions on the stablecoin legislation known as the "Genius Act," Treasury Secretary Scott Posen pointed out that this law could indeed contribute to reducing U.S. debt.
