According to Cointelegraph, citing a Chainalysis report, the number of unique wallets in China sending peer-to-peer, or P2P, stablecoin transactions rose 43-fold from the first quarter of 2024 to the second quarter of 2026.
Self-custodied stablecoin transfers reached $104.1 billion
For the reporting period from July 2025 to June 2026, Chainalysis recorded 18.1 million transfers tied to self-custodied stablecoin holdings in China, with a combined value of $104.1 billion. The report said the annual turnover rate of those holdings was 33.2 times, more than three times the global average of 9.3.
Chainalysis said that pattern is consistent with users treating stablecoins as working capital.
China’s crypto economy was estimated at at least $176 billion
Chainalysis estimated that China’s crypto economy was worth at least $176 billion, with domestic P2P activity making up 59.1% of the total. That share was 3.5 times the level seen in the 2025 reporting period.
In March 2026, onshore stablecoin transfer volume in China increased by $4.9 billion, the largest monthly rise in the reporting period.
Growth came as restrictions on crypto trading remained in place
The increase came while China maintained long-standing restrictions on crypto trading. In February, regulators introduced new rules targeting unauthorized renminbi-pegged stablecoins and tokenized real-world assets.
East Asia comparison: South Korea led by size, Hong Kong stood out in institutional flows
Chainalysis said China’s P2P-heavy market structure contrasts with other markets in East Asia.
South Korea was the region’s largest crypto economy at $449.1 billion, with activity up 12.3% from the previous reporting period. Retail users there showed a preference for AI-related tokens.
In Hong Kong, institutional platforms accounted for 16% of service inflows, nearly three times the share seen in neighboring markets in the region. The city also recorded nearly $24 billion in business-to-business inflows, and issued its first batch of stablecoin licenses in April.