Russian senior advisor points out that the United States is planning to devalue up to $37 trillion in national debt using cryptocurrencies and stablecoins. Through a “Crypto Cloud” system reset, other countries worldwide will bear the cost. This is not a crazy theory but an old tactic the US has long mastered. This article is based on a video by YouTuber Andrei Jikh titled “Russia Says U.S. Planning $37 Trillion Crypto Reset,” compiled and整理 by Odaily.

(Background: US debt surpasses $30 trillion for the first time! Doubling in seven years, with $1.2 trillion in interest burned annually)
(Additional background: Elon Musk predicts: AI will solve $38 trillion in US debt within 3 years, and in 20 years humanity will no longer need to work)

Table of Contents

• First question: Who said this?
• Second question: What does “debt devaluation” really mean? How does it work?
  • Stablecoins are copying this old script
  • The true value of stablecoins: distribution + control
  • The fatal flaw of stablecoins: trust cannot be fully verified
• Next question: Will the US ultimately do this?

At the recent Eastern Economic Forum held in Russia, one of Putin’s closest advisors made a statement that drew widespread attention. He said that the US is preparing to use cryptocurrencies and stablecoins to almost imperceptibly devalue its up to $37 trillion in national debt.

His claim is that: the US is secretly planning to “migrate” this debt into a crypto system, using the so-called “Crypto Cloud” to perform a system-level reset, ultimately allowing other countries to foot the bill.

At first glance, this might sound like a crazy theory. But similar views are not new. MicroStrategy founder and billionaire Michael Saylor has previously publicly proposed a highly controversial idea to Trump: sell all US gold reserves and buy Bitcoin with the proceeds. Clearing out gold reserves entirely, with enough capital to buy 5 million Bitcoins. This would de-assetize the entire gold category as a currency. Our adversary countries hold large gold reserves, so their assets would approach zero, while US assets would inflate to $100 trillion, giving the US control over the global reserve network and currency system.

But the question is: Is this realistic? Is it feasible?

YouTuber Andrei Jikh, with 2.93 million followers, breaks down in a video: what exactly did Putin’s advisor say? And how might the US use stablecoins and Bitcoin to devalue its $37 trillion debt? Odaily Daily News has整理 and translated this episode.

First question: Who said this?

The speaker is Anton Kobyakov, a senior advisor to Russian President Putin, with over ten years in office, mainly responsible for communicating Russia’s strategic narrative at important events like the Eastern Economic Forum.

In his speech, he explicitly states: the US is attempting to rewrite the rules of the gold and crypto markets, with the ultimate goal of pushing the global economy into what he calls the “Crypto Cloud.” Once the global financial system completes this migration, the US can embed its massive national debt into digital assets like stablecoins, and through devaluation, effectively wipe out the debt.

Second question: What does “debt devaluation” really mean? How does it work?

Let’s understand with an extremely simplified example. Suppose the entire world’s wealth is just a $100 bill. I borrow all $100, so I owe the entire world’s wealth and must repay it.

The problem is: if I honestly repay the debt, I return the same $100 bill intact. But luckily, I have a special “superpower” — I control the issuance of the world’s reserve currency.

So, instead of returning the original $100, I just print a new $100 bill out of thin air.

What’s the result? The total money supply in the world increases from $100 to $200, but the amount of goods, houses, and resources in the world remains unchanged.

The result? Prices of everything start rising: real estate, stocks, gold, especially desirable items, all become more expensive; what used to cost $1 now costs $2. Everything gets pricier, but the supply remains the same. This is inflation.

Now, when I return that “$100” to you, on the surface I have fully repaid the debt, but in reality, the purchasing power of the money you hold is now only half. I haven’t defaulted, but I have devalued the debt through currency dilution.

Stablecoins are copying this old script

However, many don’t realize that this is one of the oldest and most common debt repayment methods in human history. It has always been the way the US repays its debt.

Debt devaluation does not mean default, nor does it mean not paying. It simply involves reducing the real value of debt through inflation or currency manipulation.

This method has repeatedly occurred throughout history: after WWII, during the 1970s hyperinflation, and after the pandemic with massive liquidity injections.

Therefore, when the Russian advisor says “the US might devalue its debt using cryptocurrencies,” he is not revealing a new mechanism but describing an old method that the US has long mastered.

The real change is that: Stablecoins can spread this mechanism globally.

It’s important to clarify: this does not mean directly converting $37 trillion into stablecoins, but using dollar stablecoins backed by US debt as underlying assets to distribute US liabilities worldwide. When the dollar is devalued through inflation, the losses are shared by all holders of these stablecoins.

I want to highlight an extremely important underlying economic fact, often overlooked: this is also the view of Jeff Booth — the natural state of the economy is actually deflation. That is, if the world only has a fixed amount of money, over time, with technological progress and increased productivity, goods naturally become cheaper. Falling prices are the norm. But in reality, that’s not how our world operates. The reason is simple: Governments can create money infinitely.

When new money floods into the system, these liquidity injections must find a “home,” or they will become worthless. So, they are invested in assets like real estate, stocks, gold, and Bitcoin. That’s why, in the long run, these assets seem to always rise. But in fact, they are only maintaining their purchasing power, while the currency supporting everything — the dollar — is weakening. It’s not the assets rising; it’s the dollar devaluing.

The true value of stablecoins: distribution + control

The question is: what if you could extend this superpower? What if you could expand this trick outside the US? That’s where stablecoins come into play.

If the US can already devalue its debt through regular inflation, what more can stablecoins do? The answer is two words: distribution + control.

Because when US inflation occurs domestically, the economic pain is immediate: we see higher grocery bills, more expensive housing, rising energy costs, and possibly higher interest rates cooling the economy. The CPI and consumer price index reports go up, and Americans become dissatisfied.

But stablecoins are different. Since their reserves are usually held in short-term US Treasuries, demand for dollars and US debt can actually increase with the adoption of stablecoins, creating a self-reinforcing cycle. When USDT, USDC, and other stablecoins are widely used globally, they are essentially digital IOUs backed by US government bonds. This means that US debt financing is “outsourced” invisibly to global users.

So, if the US devalues its debt through inflation, the burden not only falls on US citizens but is also “exported” globally via the stablecoin system. Inflation becomes a kind of tax that all stablecoin holders worldwide are forced to share. Their digital dollars lose purchasing power too. Technically, this is already happening today. US dollars are everywhere, but stablecoins will form a larger market, stored on people’s smartphones.

Another piece of the puzzle is that stablecoins can appear neutral because they can be created by private companies, not just governments. This means they do not carry the political baggage associated with the Federal Reserve or Treasury. According to the “Genius Act,” only authorized issuers, such as banks, trust companies, or specially approved non-bank entities, can issue regulated, dollar-backed stablecoins in the US.

If Apple or Meta wanted, they could theoretically issue their own currencies, like “MetaCoin.” What’s really needed is not a technological breakthrough but political permission. To put it plainly: as long as they show loyalty to the powers that be and invest enough capital, they can get a license.

This is why stablecoins play such a crucial role in the US debt devaluation process. They essentially offer a “CBDC-level control” — a control close to central bank digital currencies — without bearing the highly sensitive label of CBDC on a global scale.

(# The fatal flaw of stablecoins: trust cannot be fully verified

But the problem is, other countries don’t buy into this. We’ve seen this from the ongoing large-scale gold purchases by central banks around the world.

Stablecoins claim to be pegged 1:1 with the dollar or US Treasuries. In theory, each circulating stablecoin should correspond to $1 cash or equivalent treasury assets. But the reality is: neither individuals nor foreign governments can independently verify these reserves with 100% certainty.

Tether, Circle, and others publish reserve reports, but you must trust the issuer itself and the auditing firms, which are almost all within the US system. When trust involves trillions of dollars, this is an extremely high threshold for nations.

Even if blockchain technology someday enables real-time, transparent audits of stablecoin reserves, it cannot address a deeper issue — the US always retains the power to change the rules.

History has already given a clear warning. The US government once promised that the dollar could be exchanged for gold at any time, but in 1971, Nixon unilaterally severed that link. From a global perspective, this was a complete “rule reversal”: the promise remained, but the redemption was ended with a simple “just kidding.”

Therefore, a digital token system built on “trust us” is unlikely to truly earn the world’s confidence. Technically, nothing can prevent the US from making a similar decision in the future — to de-peg stablecoins from gold, just as it did with the dollar. This is the fundamental reason why the world remains highly cautious about the new generation of digital currencies.

) So, the next question: will the US ultimately do this?

In my view, the possibility not only exists but is even unavoidable. The US is already experimenting with this idea, just not in the way we have heard.

For example, Michael Saylor has publicly advised Trump and his family to establish a Bitcoin strategic reserve. His idea: if the US sells gold and instead heavily buys Bitcoin, it could suppress gold prices, weaken competitors like China and Russia, and simultaneously push up Bitcoin’s price, reshaping the US balance sheet.

But in the end, this did not happen. Instead, during Trump’s term, the idea of the US holding a Bitcoin reserve remained just that — an idea, never materialized. The US government explicitly stated it would not use taxpayer funds to buy Bitcoin, at least publicly, and no such actions have been observed. So, I believe it will not happen as Michael Saylor publicly suggested.

However, that doesn’t mean the story is over. Because the government doesn’t necessarily have to act directly to participate. The real “backdoor” is in the private sector.

MicroStrategy has already become a “publicly traded Bitcoin company,” continuously accumulating Bitcoin under Saylor’s leadership, now holding hundreds of thousands of coins. So, the question is: if a publicly listed company first completes large-scale Bitcoin accumulation, is that safer and more discreet than the government directly buying?

This approach wouldn’t be seen as central bank action and wouldn’t immediately trigger global market panic. When Bitcoin is truly established as a strategic asset, the US government could indirectly gain exposure through equity stakes or holdings — similar to how it once held stakes in Intel and other companies. Such precedents already exist.

Rather than openly selling gold, risking trillions in Bitcoin transactions, or pushing the stablecoin system aggressively, the US might be smarter and more consistent with its style: let private enterprises do the testing first. When a certain model proves effective and indispensable, the state can then absorb and institutionalize it.

This approach is more covert, gradual, and more “deniable,” until one day, everything surfaces officially.

The core message is: there are many ways for this to happen, and it’s very likely to happen. The Russian advisor’s judgment is not baseless — if the US truly aims to fundamentally address its national debt, then some form of digital asset strategy is almost an unavoidable choice.

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