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.(Ignas | DeFi)