Unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026 as crypto activity increasingly shifted toward direct wallet-to-wallet transfers.
[Updated Oct. 6, 2026, 7:00 am UTC: Added comments from Chainalysis Policy Advisory Lead Jordan Wain]
The number of unique wallets sending peer-to-peer (P2P) stablecoin transactions in China grew 43-fold between the first quarter of 2024 and the second quarter of 2026, according to Chainalysis.
The blockchain analytics company recorded $104.1 billion across 18.1 million transfers involving China’s self-custodied stablecoin holdings during the 2026 reporting period, which ran from July 2025 to June 2026.
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