China’s P2P Stablecoin Wallets Surge Despite Crypto 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 stablecoin transfers, totaling over 18.1 million transactions from July 2025 to June 2026.
- China’s stablecoin turnover rate was recorded at an annualized rate of 33.2 times, significantly higher than the global average of 9.3.
- Domestic P2P activity represented approximately 59.1% of China’s crypto economy, estimated at $176 billion.
- March saw a notable increase of $4.9 billion in domestic stablecoin transfer volume, marking the largest monthly rise recorded.
Despite ongoing restrictions on crypto trading in China, including new regulations on yuan-pegged stablecoins, the market has shown significant growth in stablecoin usage and P2P activities.
The surge in unique wallets and transaction volumes highlights a shift towards treating stablecoins as working capital within China’s evolving crypto landscape.
