US, China, Russia Engage in 'Crypto Cold War' Over Value Exchange

The United States, China, and Russia are locked in a 'crypto Cold War' over the future of value exchange and financial infrastructure.

Washington encourages private crypto markets and dollar-backed stablecoins as a way to extend American financial reach, with dollar-backed stablecoins dominating the market at 99% of market capitalization, worth approximately $320 billion by May 2026.

Beijing favors state-led payment systems and carefully regulated blockchain infrastructure, while Moscow views mining, digital assets, and the digital ruble as strategic assets to soften the economic impact of isolation.