The rivalry between the United States and China is entering an increasingly delicate and strategic phase. What for years was interpreted as economic competition is now beginning to show signs of a much deeper structural confrontation, shaped by technology, digital finance and control of the global order.
The recent political and regulatory push around stablecoins in the United States, especially following the debate over the so-called “GENIUS Act,” reflects how Washington is seeking to strengthen the dollar’s international dominance through new digital infrastructures. At the same time, China continues to accelerate the development of the digital yuan and alternative payment systems that reduce global dependence on the US financial system.
For Rafael Meruane, CEO and co-founder of Notbank by CryptoMarket the current scenario represents much more than simple economic competition since, in his view, “we are witnessing a historic transformation of the global balance. The battle is no longer fought solely in trade or on the military front; today the central dispute is over who will control the technological and financial infrastructure of the future,” the executive notes.
The tension between the two powers is also expressed in critical areas such as artificial intelligence, semiconductors, cybersecurity and the growing geopolitical pressure on Taiwan. All of this revives historical concepts such as the so-called “Thucydides Trap,” a theory that warns of the risk of conflict when a rising power threatens the hegemony of a dominant one.
According to Meruane, digital currencies and stablecoins could become a strategic tool of international power, considering that “the United States understood that the dollar does not need to disappear in order to evolve. Stablecoins could become a new form of global financial expansion based on digital technology,” he explains.
Meanwhile, the progress of the digital yuan shows that China is also seeking to position itself as a dominant player in the future international monetary system, promoting alternative models of payments and international trade outside the dollar’s traditional orbit.
Experts warn that this growing financial and technological fragmentation could have significant effects in Latin America, especially on emerging markets, fintechs, cryptocurrencies and digital platforms that rely on the global financial system.
