The global race for cryptocurrencies: how major powers are reshaping the digital financial system

In the context of the global competition for digital financial dominance, the regulatory choices of a superpower are influencing the entire cryptocurrency ecosystem. Recent developments demonstrate a broad strategy that touches on strategic reserves, payment infrastructures, and technological standardization, signaling a clear intent: to maintain control over international financial flows in the digital age.

The economic context fueling the push toward digital assets

The global financial position is undergoing a significant transition. Federal debt has surpassed $36 trillion, with a debt-to-GDP ratio exceeding 120%, while major international creditors continue to reduce their holdings of government bonds. In this scenario, digital currencies and blockchain assets represent not only technological innovation but also a concrete response to pressures on the traditional monetary system.

The integration of bitcoin and ethereum into national strategic reserves is presented as a form of protection against currency devaluation and as a tool to attract global capital. In March 2025, official announcements indicated an intention to accumulate 1 million bitcoins over five years, creating what is described as a “digital fortress” of critical assets.

Stablecoins as an extension of financial power

Stablecoins pegged to the dollar emerge as a central element of this strategy. Unlike volatile cryptocurrencies, these stabilized tokens serve as a bridge between the traditional financial system and blockchain networks. When international users purchase stablecoins, issuers must hold reserves equivalent in dollars or government bonds, thereby strengthening the circulation of the US dollar in global payment circuits.

This mechanism effectively transforms the dollar into an asset also present on blockchains, penetrating transaction channels that escape traditional banking system control. It is a response to the acceleration of “dollarization” in cross-border payments, where emerging economies seek alternatives to infrastructure dominated by the United States.

The regulatory framework and internal challenges

Meanwhile, a new regulatory framework has been built to reduce legal uncertainty and stimulate innovation. The establishment of a “Digital Asset Market Working Group” within the National Economic Council represents an interdepartmental coordination effort, bringing together the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Department of the Treasury, and other agencies.

However, regulatory divergences remain significant. States like Wyoming have adopted very favorable positions toward blockchain innovation and digital custody services, becoming an emerging hub for crypto startups, while other jurisdictions maintain much more restrictive approaches. This internal fragmentation complicates the consistent implementation of a unified national strategy.

Global competition and regionalization of financial systems

At the international level, the landscape is equally fragmented. The European Union has implemented the “Markets in Crypto-Assets Regulation” with much stricter standards, imposing stringent requirements for stablecoin issuance and effectively limiting the expansion of dollar stablecoins within the EU territory.

Meanwhile, countries like South Korea and Singapore have developed their own independent regulatory frameworks. China maintains a sovereign approach regarding central bank digital currencies. This divergence among the three main regulatory models—Western laissez-faire, strict European control, and Asian sovereignty—is leading to a gradual regionalization of the global digital financial system.

Short-term effects and long-term vulnerabilities

In the short term, regulatory easing has produced visible results: leading industry platforms have accelerated expansion, creating new jobs and attracting significant venture capital investments. The industry has gained considerable political influence through contributions and lobbying activities.

However, the sustainability of this strategy depends on fragile factors. If confidence in the dollar continues to decline, bitcoin reserves could transform into safe-haven assets independent of currency, weakening the original purpose of extending monetary hegemony. Additionally, intrinsic market risks—price volatility, energy consumption, and the potential for illegitimate transactions—could expose public balances to systemic volatility.

The evolution of global financial governance

It is clear that in the digital age, financial power no longer relies solely on military strength or economic size but on the ability to set technological standards, governance rules, and system architectures. The current competition essentially revolves around who will establish the standards that governments, businesses, and individuals will follow in the coming decades.

The strategy of integrating cryptocurrencies into reserves, combined with strategic use of stablecoins and regulation favorable to innovation, represents an attempt to maintain financial hegemony through new means. However, this move occurs in a context where alternative financial systems—from multilateral CBDC bridges to peer-to-peer blockchain payments—are eroding the traditional monopoly of international clearing circuits.

The likely outcome will be an increasingly pluralistic global financial landscape, where divergent regulatory models, regional technological standards, and parallel payment infrastructures coexist, increasing complexity but also creating opportunities for market participants who know how to navigate this new reality.