The real US vs China race is USD stables vs the central bank e-CNY.

Will programmable money on open blockchains with private issuers win, or state money with built-in surveillance?

One system frees the people the other traps them.

both systems compete to replace SWIFT.

The US (and crypto) is definately winning by exporting stablecoins to the world while e-CNY's win is enforcing capital controls.

So 'US can't let China win in crypto' is the wrong frame as China bans crypto.

But it sells better than the real fight: central bank money vs free stablecoins.

Many in the US would pick the central bank version. Which isn't good for our bags.

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