Is the US Really Using Crypto to Dodge Its Massive Debt? 😱💰

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Imagine this: An adviser to the great and powerful Vladimir Putin, who isn’t exactly known for his sunny disposition, has come out swinging with a rather audacious claim. According to Anton Kobyakov, the United States is cunningly using cryptocurrencies and gold to devalue its staggering $35 trillion debt. “Urgently address the declining trust in the dollar,” he says, as if the dollar needed any more reasons to feel insecure. 🤔

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The US wants to use stablecoins for other political reasons

But wait, there’s more! According to US officials, stablecoins are more about ensuring the US dollar remains the world’s dominant currency. “We will use stablecoins to do that,” US Treasury Secretary Scott Bessent declared in March. It’s like saying, “We’re not just here for the party, we’re here to win the whole shebang.” 🏆

Stablecoins could also drive demand for US debt instruments, reducing the risk of a failed debt auction and an attendant crisis. Former House Speaker Paul Ryan noted in July 2024, “Stablecoins backed by dollars provide demand for U.S. public debt and a way to keep up with China.” It’s a bit like playing chess, but with trillions of dollars on the line. 🏦

The US has made considerable progress since then, with President Donald Trump signing the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) into law in July. Genius, indeed. 🧠

Russia has stablecoin plans, too

Not to be left out, Russia is reportedly working on its own ruble-backed stablecoin called A7A5, set to launch on Tron. This seems to be a strategic move to reduce reliance on US dollar stablecoin Tether (USDT), which Russia has used to settle oil trades with China and India. It’s like saying, “We’re not just going to sit around and let you control the game.” 🇷🇺

Although Russia banned crypto payments in 2022, it has become more open to the sector, allowing financial institutions to offer crypto-based products to accredited investors in May. It’s a bit like saying, “We’re still not sure if we like this crypto stuff, but we’re going to play along for now.” 🤷‍♀️

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2025-09-09 04:35