Anton Kobyakov – Special Advisor to President Putin:
• He argues that the US is “changing the rules of the game” in the gold and crypto markets because of its massive public debt ($35 trillion).
• As trust in the US dollar declines, America will try to shift the financial burden to the rest of the world, just as it did in the 1930s and 1970s.
• He describes how the US could move public debt into the “crypto cloud.” By issuing part of it as stablecoins, the US could devalue that debt and then reset from scratch.
Kobyakov believes the US may use crypto and stablecoins as tools to handle its enormous national debt by:
1. “Packaging” debt into digital assets.
2. Using volatility or issuance mechanisms to reduce its real value.
3. Effectively “erasing” debt without fully repaying creditors.
US Treasury Secretary Scott Bessent has admitted that America could issue/repay bonds in stablecoin – one reason they are interested in supporting this space.
Trump himself has openly said he would use crypto to wipe out US national debt.
This reflects a popular “economic conspiracy theory”: that the US might leverage crypto/stablecoins to transform debt, devalue it, and reset the global financial system – instead of paying it back directly.
