Russia has accused the US of attempting to relieve pressure from its colossal national debt using cryptocurrencies and gold.
Russia's Accusations against the US
At the Eastern Economic Forum in Vladivostok, advisor to President Vladimir Putin, Anton Kobyakov, stated that the US is trying to rewrite the rules in gold and cryptocurrency markets to manage its $35 trillion debt. He emphasized that these two sectors are essentially alternatives to the traditional global currency system.
Current US National Debt Situation
According to US Treasury figures, the country's obligations stand at $37.43 trillion, marking a more than tenfold increase since 1981. By 2055, public debt is predicted to surpass 150% of GDP, which could strain fiscal credibility worldwide.
Discussion on Stablecoins
US officials argue that stablecoins are not about erasing debt but strengthening dollar dominance. Treasury Secretary Scott Bessent emphasized that stablecoins will be used to reinforce the dollar's position in the global market. Meanwhile, President Donald Trump signed the GENIUS Act, which establishes a framework for issuing dollar-backed stablecoins.
Russia's accusations highlight the existing disagreements between countries regarding debt management and the role of cryptocurrencies in the global economy.
