by BHIM BHURTEL
Dollar-pegged stablecoins touted as digital payment ‘revolution’ but could easily be de-pegged and devalued to offload national debt
If you are a central banker entrusted with managing your nation’s foreign exchange reserves or a steward of a sovereign wealth fund in a developing country, heed this urgent warning: act decisively and swiftly to safeguard your assets, or risk catastrophic losses.
Delay could see the value of your reserves collapse by as much as 95%, thrusting your economy into a maelstrom of devaluation and instability. The foreign exchange you oversee is on the brink of a new kind of crisis, driven by the fragility of the US dollar.
Long the bedrock of global finance, it’s now a potential harbinger of economic ruin for nations tethered to its flagging fortunes.
Anton Kobyakov, a senior adviser to Russian President Vladimir Putin, delivered a bombshell revelation at the Eastern Economic Forum in Vladivostok last week that should have jolted every reserve manager.
He warned that the United States is orchestrating a systemic reset, wielding cryptocurrencies and gold as tools to erase its staggering US$37.4 trillion debt burden. This is not mere speculation, but a calculated alert from a high-ranking official, sounding the alarm on a scheme that could upend the global financial order.
Kobyakov’s assertion is clear: America is preparing to rewrite the rules of the market, using stablecoins and gold revaluation to offload its fiscal liabilities onto the world, leaving foreign creditors—central banks, sovereign funds and investors—holding devalued assets.
The US faces a “buyer’s crunch,” a crisis of confidence as major creditors like China, Japan and others divest from US Treasury securities, once considered the gold standard of safety, and pivot to gold to shield their reserves from a potential dollar collapse. This shift is not merely a precaution, but a direct response to the erosion of trust in the dollar’s stability.
The fewer buyers of Treasuries, the higher the yields the US must offer to sustain its debt-ridden system, creating a vicious cycle that deepens the crisis. With debt servicing costs spiralling and traditional economic measures failing, Washington is turning to unorthodox tactics to preserve its financial dominance.
Central to this strategy is the GENIUS Act, signed into law by President Donald Trump on July 18, 2025. Ostensibly, the legislation establishes a regulatory framework for stablecoins—cryptocurrencies pegged to the dollar to maintain value stability, akin to a digital equivalent of cash.
Treasury Secretary Scott Bessent has trumpeted the act as a bold step toward embracing a “digital payments revolution,” positioning the US as a leader in financial innovation
Asia Times for more