A New Cold War? The Silent Battle Between the U.S. and China That Could Redefine Global Finance

The dispute between Washington and Beijing is no longer merely commercial or military. The rise of stablecoins, artificial intelligence, and digital currencies could transform the global financial system and usher in a new era of global tension with direct impacts on Latin America

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, marked by technology, digital finance, and control over the global order.

The recent political and regulatory momentum surrounding stablecoins in the United States, especially following the discussion of the so-called “GENIUS Act,” reflects how Washington seeks 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 U.S. financial system.

For Rafael Meruane, CEO and co-founder of Notbank by CryptoMarket, the current scenario represents much more than mere economic competition, as in his view “we are witnessing a historic transformation of the global balance of power. The battle is no longer fought solely in trade or on the military front; today, the central dispute revolves around who will control the technological and financial infrastructure of the future,” the executive notes.

The tension between the two powers is also evident 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 an emerging 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 to evolve. Stablecoins could become a new form of global financial expansion based on digital technology,” he explains.

At the same time, the advancement 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 international payments and trade outside the traditional orbit of the dollar.

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 depend on the global financial system.