China P2P stablecoin wallets grew 43x despite crypto restrictions: Chainalysis
Summary
Chainalysis estimates China’s crypto economy at least $176 billion, with domestic peer-to-peer activity making up 59.1% of the total. Unique wallets sending P2P stablecoin transactions grew 43-fold between Q1 2024 and Q2 2026. During the period from July 2025 to June 2026, China recorded $104.1 billion across 18.1 million transfers, and stablecoin holdings turned over 33.2 times annually—over three times the global average. This growth continued despite tighter Chinese restrictions. Across East Asia, South Korea led in crypto activity at $449.1 billion, Hong Kong showed strong institutional flows and issued its first stablecoin licenses, while Japan saw rising DEX use and passed digital-asset regulatory revisions.
