Chainalysis reported that the number of unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026. For the reporting period of 2026 (July 2025 to June 2026), $104.1 billion was recorded across 18.1 million transfers involving self-custodied stablecoin assets in the country.

Stablecoin Turnover at 33.2 Times Per Year, Triple the Global Average

According to Chainalysis, Chinese stablecoin holdings turned over 33.2 times per year, compared to the global average of 9.3, indicating stablecoins are used as working capital.

China's Crypto Economy at Least $176B, P2P Accounts for 59.1%

The new Chainalysis report values China's crypto economy at a minimum of $176 billion. Domestic P2P transactions accounted for 59.1% of total activity—3.5 times their share in the 2025 reporting period.

Restrictions Tightened in February: Focus on Yuan Stablecoins and RWA

The growth occurred despite longstanding restrictions on crypto trading; in February, authorities introduced new rules against unauthorized yuan-pegged stablecoins and tokenized real-world assets.

South Korea, Hong Kong, and Japan Show Different Models

Chainalysis identifies South Korea as the largest crypto economy in East Asia at $449.1 billion, up 12.3% over the period; retail traders favor AI-related tokens. In Hong Kong, institutional platforms accounted for 16% of inflows to services; the city received nearly $24 billion in incoming B2B flows and issued its first stablecoin licenses in April. In Japan, DEXs make up nearly 35% of service activity; 65.7% of swaps are for amounts between $10 and $1,000, DEX volumes have grown by more than 200% since 2022, and amendments adopted in July bring digital assets under financial market regulations.