Chainalysis said unique wallets sending peer-to-peer stablecoin transactions in China grew 43-fold between the first quarter of 2024 and the second quarter of 2026, despite crypto restrictions. According to NS3.AI, Chainalysis estimated China's crypto economy at at least $176 billion, with domestic peer-to-peer activity accounting for 59.1% of the total.

South Korea's crypto economy was estimated at $450 billion, making it East Asia's largest. However, South Korea's crypto exchanges saw operating profits fall 78% in the first half of 2026 as trading activity, market valuations and customer deposits declined.