Introduction: Debt at the Heart of Global Debate

The American National Debt has become one of the most pressing financial issues of the 21st century. With U.S. debt levels surpassing $35 trillion, policymakers, economists, and global leaders are voicing concerns about the long-term sustainability of America’s fiscal path. At the Eastern Economic Forum in Vladivostok, a senior advisor to Russian President Vladimir Putin, Anton Kobyakov, accused the United States of attempting to rewrite the rules of gold and cryptocurrency markets to escape its debt crisis. His remarks highlight not only growing geopolitical tensions but also the shifting perceptions of what role alternative assets might play in a world defined by unprecedented debt burdens.

The Core of Kobyakov’s Accusation

Kobyakov argued that Washington’s actions suggest a deliberate attempt to leverage both crypto and gold as tools to restructure or devalue its obligations. He emphasized that with the American National Debt standing at $35 trillion, the U.S. could eventually transfer this liability into stablecoins, devalue it, and effectively reset its financial obligations. Whether or not such a scenario is technically feasible, the fact that Russian officials are presenting this publicly shows how the debt crisis has become a tool for geopolitical narratives.

“Put simply: they have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.” — Anton Kobyakov, Eastern Economic Forum

Debt, Trust, and the Dollar

The decline of trust in the U.S. dollar is a recurring theme in critiques of the American National Debt. For decades, the dollar has served as the bedrock of the global financial system, but as debt mounts, questions arise over whether the U.S. can continue to sustain its role as the issuer of the world’s reserve currency. According to Yahoo Finance News, skepticism about the U.S. fiscal trajectory is not confined to rivals like Russia. Investors and analysts worldwide are beginning to price in long-term risks associated with America’s debt accumulation.

The Role of Crypto and Gold

Gold has traditionally been the hedge of choice against currency debasement and sovereign risk. However, cryptocurrencies—especially Bitcoin and stablecoins—are increasingly being positioned as modern alternatives. The notion that Washington might seek refuge in these markets to counterbalance the American National Debt is provocative. It suggests a convergence between traditional safe havens like gold and disruptive digital assets that were initially designed to challenge, not support, the fiat system.

• Gold: A store of value used for centuries, trusted during inflationary cycles and fiscal crises.
• Bitcoin: Viewed as “digital gold,” decentralized and outside direct government control.
• Stablecoins: Pegged to fiat, but offering flexibility for cross-border settlement and financial engineering.

U.S. Policy Shifts on Digital Assets

Despite Kobyakov’s criticism, the United States under the Trump administration has demonstrated increasing openness toward digital assets. The signing of the GENIUS Act in July created a framework for stablecoin issuance and trading. Treasury Secretary Scott Bessent even suggested earlier in 2025 that cryptocurrencies could enhance U.S. dollar supremacy rather than diminish it. In this light, while critics frame crypto as an escape hatch for the American National Debt, U.S. officials see it as a potential reinforcement of dollar dominance in the global financial order.

Could Crypto Solve the Debt Crisis?

The idea that the U.S. might transfer trillions in liabilities into the crypto “cloud” raises both technical and philosophical questions. Stablecoins, by design, are pegged to fiat reserves. If the U.S. issued government-backed stablecoins tied directly to Treasury securities. This could theoretically provide liquidity while masking the scale of the American National Debt. However, such a move would not eliminate the underlying obligations—it would merely change their form.

According to Yahoo Finance, Coinbase CEO Brian Armstrong has suggested that the U.S. debt crisis could accelerate Bitcoin’s role as a global reserve currency. In contrast, skeptics argue that crypto markets lack the depth and stability to absorb sovereign-level debt management strategies. Nonetheless, the debate underscores the seriousness of the problem.

Russia’s Contradictory Position on Stablecoins

Interestingly, while Russian officials criticize the U.S. for turning to crypto, Russia itself is experimenting with stablecoins. Reports in July revealed that a state-owned weapons manufacturer was developing a ruble-backed stablecoin to launch on the Tron blockchain. Russia, which banned crypto payments in 2022, has since softened its stance, considering digital payments for international settlements. This contradictory stance suggests that while the American National Debt is being used rhetorically, Russia too sees the utility of stablecoins in a multipolar financial landscape.

Historical Parallels: Debt and Currency Realignments

The notion of resetting debt through new financial instruments is not new. In history, governments have devalued currencies, defaulted on obligations, or restructured debt through new systems. The Great Depression, post-World War II debt restructurings, and the Nixon administration’s decision to abandon the gold standard in 1971 all represent moments where sovereign debt challenges reshaped the global monetary order. The American National Debt may prove to be another such turning point, potentially accelerating innovation in monetary systems.

The Geopolitical Dimension

Debt is not merely an economic issue; it is also a geopolitical tool. Kobyakov’s remarks reflect broader Russian efforts to challenge U.S. dominance in global finance. By framing the American National Debt as unsustainable, Moscow attempts to weaken confidence in the dollar system. Meanwhile, U.S. Policymakers portray crypto and gold as part of a broader strategy to preserve, not undermine, dollar hegemony. This clash of narratives will shape not only markets but also alliances and rivalries in the coming years.

Investor Sentiment and Market Reactions

For global investors, the debate around the American National Debt and alternative assets like crypto and gold raises critical questions about risk management. Should portfolio allocations shift toward gold or digital assets in anticipation of a dollar crisis? Or should investors view U.S. adoption of crypto as a stabilizing force that secures American financial leadership? The answers are far from clear, but the underlying anxiety about the U.S. fiscal policy is undeniable.

Conclusion: The Future of Debt and Digital Assets

The accusations made by Anton Kobyakov may sound sensational, but they point to an undeniable reality: the American National Debt is reshaping global debates on money, trust, and financial stability. Whether the U.S. leverage gold, stablecoins, or other tools, the sheer scale of its obligations ensures that every move will have ripple effects across markets and geopolitics. As the world watches closely, one fact remains clear—America’s debt problem is no longer just an American problem. It is a global one.

According to Yahoo Finance News and other credible sources, the debate about crypto and gold as potential solutions—or threats—to the current debt-driven system will only intensify. The future of the American National Debt may determine not only the health of the U.S. economy but also the structure of the international financial system for decades to come.