Anton Kobyakov, a senior advisor to Russian President Vladimir Putin, has raised alarms about the United States’ use of stablecoins as a way to quietly shrink its $35 trillion debt burden. Speaking at the Eastern Economic Forum, he alleges that Washington is leveraging stablecoins, cryptocurrencies, and even gold to reduce borrowing costs without printing more money. This claim is rooted in the newly passed GENIUS Act – the U.S.’s first federal cryptocurrency law – which mandates all U.S. stablecoins be fully backed by Treasury securities or cash with public audits and strict compliance requirements. Supporters see it as a clever way to maintain dollar dominance and reduce borrowing costs, while critics view it as a debt manipulation scheme disguised as innovation.