• 24. 11. 2025 • H. T. •
As crypto matures, one of the most intriguing proposals is to peg stablecoins directly to U.S. Treasury bonds. Such a move could transform the market:
- Credibility boost: Treasuries are the world’s most liquid “safe” asset, giving stablecoins institutional legitimacy.
- Yield integration: Unlike fiat‑backed coins, bond‑backed stablecoins could pass interest income to holders, making them more attractive.
- Liquidity expansion: Tying crypto to the $25+ trillion Treasury market would deepen DeFi pools and stabilize lending.
- TradFi–DeFi bridge: Institutions could settle transactions on blockchain rails while still holding exposure to U.S. debt.
In theory, this could accelerate mainstream adoption and reduce volatility across decentralized finance.
Caveats
- Regulatory Oversight: Governments may tighten control over such instruments, limiting decentralization.
- Concentration Risk: Tying crypto stability to U.S. debt markets makes the ecosystem vulnerable to fiscal dominance and U.S. monetary policy shifts.
- Yield Distribution: Passing bond yields to stablecoin holders could trigger securities regulation issues.
Anton Kobyakov’s Warning
At the Eastern Economic Forum, Russian presidential advisor Anton Kobyakov offered a stark counterpoint. He argued that the U.S. might use stablecoins not to stabilize, but to reset its massive debt burden:
“The U.S. is trying to rewrite the rules of the gold and cryptocurrency markets… They could drive their $38 trillion debt into crypto, then devalue it to escape obligations.”
According to this theory, the sequence would be:
- Promote regulated stablecoins tied to U.S. debt.
- Shift obligations into the crypto system.
- Engineer a devaluation — masked as “market volatility.”
- Reset the system, offloading costs onto global creditors.
The Double‑Edged Sword
Bond‑backed stablecoins could either:
- Legitimize crypto by anchoring it to the world’s largest debt market, or
- Weaponize crypto as a tool of debt monetization, accelerating a hidden default.
For the crypto community, the challenge is clear: embrace the benefits of institutional credibility without becoming collateral damage in a geopolitical debt reset.
What do you think? Could alternatives like Heperum, that have a base in a physical unit (time) and anchor value in productivity could represent a stabilizing factor in worst case scenario?
