Chainalysis report: Despite China’s continued restrictions on crypto trading, domestic P2P stablecoin activity is growing rapidly. From Q1 2024 to Q2 2026, the number of unique Chinese wallets sending P2P stablecoin transactions grew 43-fold. From July 2025 to June 2026, self-custody stablecoin transfers in China totaled $104.1 billion across 18.1 million transactions. Stablecoin holdings turned over 33.2 times a year—more than three times the global average of 9.3. China’s crypto economy is estimated to be worth at least $176 billion, with domestic P2P activity accounting for 59.1%.