In brief:
₿- The U.S. national debt has reached a record $37.43 trillion, with Washington turning to dollar-backed stablecoins as a strategy to reinforce global dollar dominance.
₿- Russia and China are pushing dedollarization, with Moscow preparing a rouble-backed stablecoin and Beijing shifting from U.S. debt to gold and alternative assets.
The U.S. national debt has soared to an unprecedented $37.43 trillion, intensifying scrutiny over America’s financial strategy and the future of the dollar. According to Treasury data, the figure is more than ten times the 1981 level, reflecting decades of fiscal expansion. With debt accelerating at record speed, pressure is mounting on Washington to reinforce the greenback’s status as the world’s reserve currency.
Russia accuses U.S. of rewriting financial rules
Speaking at the Eastern Economic Forum in Vladivostok, Anton Kobyakov, advisor to Russian President Vladimir Putin, accused Washington of manipulating both cryptocurrency and gold markets.
He argued that the U.S. is attempting to “push everyone into the cryptographic cloud” by expanding dollar-backed stablecoins. According to him, this strategy would allow America to devalue its debt and initiate a financial reset at the expense of the global economy.
Kobyakov compared today’s policies to past crises in the 1930s and 1970s, when U.S. financial maneuvers reverberated worldwide. While the advisor outlined Washington’s alleged intentions, he offered few details on how stablecoins could technically achieve such a transformation, leaving experts divided over the plausibility of the claim.
Washington doubles down on stablecoins
U.S. officials present a very different narrative. They argue that dollar-backed stablecoins strengthen demand for Treasury bonds, secure debt auctions, and protect the global role of the greenback. The strategy gained momentum this summer with the passage of the GENIUS Act, a law signed by Donald Trump that created a regulatory framework for issuing dollar-backed stablecoins.
Former House Speaker Paul Ryan underscored the importance of this move, noting that stablecoins create consistent demand for U.S. debt and help America stay competitive against rivals like China. Supporters of the policy see stablecoins not as a means of debt relief but as a powerful tool for preserving financial dominance.
China and Russia push dedollarization strategies
While Washington leans on stablecoins, its geopolitical rivals are heading in a different direction. China has been gradually cutting back on U.S. debt holdings in favor of gold and alternative assets. Moscow, meanwhile, is preparing to launch A7A5, a rouble-backed stablecoin on the Tron blockchain, with the goal of reducing reliance on Tether (USDT) and the dollar-based financial system.
These shifts highlight a deeper global struggle: whether digital currencies will reinforce America’s financial leadership or accelerate dedollarization. With debt levels climbing and geopolitical competition intensifying, stablecoins have become more than just a digital asset—they are now at the heart of the battle for economic influence.
Stay informed,
Rodcas Consulting Group