Putin advisor claims U.S. may tap crypto to ease debt projected to hit 150% of GDP

A senior Russian advisor to President Vladimir Putin claimed the United States is conspiring to restructure its ballooning national debt by manipulating cryptocurrency and gold markets.

Speaking at the Eastern Economic Forum in Vladivostok, Anton Kobyakov said Washington is looking to "rewrite the rules" of the cryptocurrency and gold industries as an alternative to the current global currency system to reduce dependence on the U.S. dollar.

"The US is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt, 35 trillion dollars," Kobyakov said in comments subsequently amplified by the Russian government media outlet RT.

"These two sectors are essentially alternatives to the traditional global currency system. Washington's actions in this area clearly highlight one of its main goals to urgently address the declining trust in the dollar."

Kobyakov proposed the U.S. might work to convert parts of its debt into stablecoins, essentially devaluing its obligations and "starting from scratch."

Anton Kobyakov, Russian Presidential Adviser, Executive Secretary of Russia's Organising Committee, is shown in this Host Photo Agency/RIA Novosti handout.Getty Images ### More news

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Doing so, he cautioned, would risk destabilizing global markets and hastening changes in the international financial order. There are no indications that U.S. policy-makers are actually planning any such response, but Kobyakov's comments fall in line with a larger geopolitical narrative.

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The national debt problem

The U.S. national debt is over $35 trillion this year, which is the highest among all countries worldwide. It is the culmination of decades of budget deficits, military spending, and obligations, including Social Security and Medicare, according to the Peter Peterson Foundation.

This was further enhanced by extraordinary borrowing during the COVID-19 pandemic, as per reports. This means U.S. debt could surpass even the WWII peak relative to the size of the economy.

U.S. federal debt has surged in past crises and is projected to top 150% of GDP by 2055, surpassing WWII levels. According to the Peter G. Peterson Foundation (based on Congressional Budget Office projections), the public's federal debt in the United States is expected to exceed 150% of GDP by 2055.

Story Continues ## Russia and China's stablecoin race

Russia and China have previously raised the issue of the dollar's supremacy, and the U.S. has been moving toward regulating digital assets and is reportedly exploring its own central bank digital currency.

FAQs

Q: What is Russia’s official stance on cryptocurrency?

A: Russia is cautious and restrictive about cryptocurrency. While holding and trading crypto is legal, Russian law prohibits using it for payments. Digital assets are seen as tools for capital flight and money laundering, and the central bank has opposed their widespread use. However, Moscow has acknowledged crypto's role in cross-border settlements, especially amid Western sanctions.

Q: Does Russia support digital currency development?

A: Yes. Russian authorities are developing a digital ruble, their central bank digital currency (CBDC), to control financial flows and reduce reliance on foreign payment systems.

This story was originally reported by TheStreet on Sep 8, 2025, where it first appeared in the Policy section. Add TheStreet as a Preferred Source by clicking here.

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