Crypto Cold War: US, China, Russia Battle for Blockchain Supremacy

A global competition for control over blockchain technology and cryptocurrency markets is underway, with the United States, China, and Russia vying for dominance.

The US encourages private crypto markets and dollar-backed stablecoins as a means to extend American financial influence. As of May 2026, the total stablecoin market was worth approximately $320 billion, with over 99% of its value being backed by the US dollar.

China, on the other hand, favors state-led payment systems and regulated blockchain infrastructure. Beijing has been cracking down on crypto trading and mining, while promoting the development of domestic digital currency infrastructure, including the e-CNY, a central bank-issued digital currency that gives the People's Bank of China control over the monetary base.

Russia views mining, digital assets, and the digital ruble as strategic assets to soften the impact of economic isolation. The country has introduced regulations on crypto mining while promoting regulated payment solutions, including the use of stablecoins to conduct transactions beyond the reach of sanctioning countries.