China’s P2P Stablecoin Wallets Surge 43-Fold Despite Crypto Ban

P2P stablecoin wallets — New data from blockchain analytics firm Chainalysis reveals a massive surge in peer-to-peer stablecoin activity in China, alongside South Korea’s position as East Asia’s largest crypto economy.

The number of unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026, according to the report covering July 2025 to June 2026. During that 2026 period, $104.1 billion moved across 18.1 million transfers involving China’s self-custodied stablecoin holdings. Chainalysis estimates China’s total crypto economy is worth at least $176 billion, with domestic P2P activity now accounting for 59.1% of the total.

South Korea was ranked as the region’s largest crypto economy at $449.1 billion, with activity growing 12.3% year-over-year. The report noted a strong retail preference for AI-linked tokens. However, the first half of 2026 saw operating profits at South Korean crypto exchanges fall by 78%, with declines in trading volume, market cap, and customer deposits.

In related regional news, Standard Chartered announced plans to launch institutional digital asset custody in Singapore, while Hong Kong officials reaffirmed an end-2026 deadline to submit a bill establishing licensing regimes for crypto trading and custody.