China’s P2P Stablecoin Wallets Surge Amid Restrictions
- Unique wallets for peer-to-peer (P2P) stablecoin transactions in China increased by 43 times from Q1 2024 to Q2 2026.
- Chainalysis reported $104.1 billion in transfers involving self-custodied stablecoins during the July ’25 to June ’26 period.
- Stablecoin turnover in China reached 33.2 times per year, exceeding the global average of 9.3.
- China’s crypto economy is estimated at a minimum of $176 billion, with domestic P2P activity comprising 59.1%.
- In March ’26, China’s domestic stablecoin transfer volume saw its largest monthly increase of $4.9 billion.
Despite stringent regulations, China’s P2P stablecoin market has shown remarkable growth, indicating a shift towards using stablecoins as working capital among users.
The surge in unique wallets and significant transfer volumes highlight the resilience and adaptability of China’s crypto landscape, with domestic activity now accounting for over half of its total economic value.(Source)
