Chinese P2P stablecoin wallet usage surges 43-fold since 2024

Chainalysis recorded a sharp rise in peer-to-peer stablecoin activity in China, while South Korea's crypto market reached 450 billion dollars.

FTMQ Crypto, written by our newsroom9 October 2026 at 01:050 views

The number of unique wallets conducting peer-to-peer stablecoin transactions in China grew 43-fold between the first quarter of 2024 and the second quarter of 2026, Cointelegraph reported, citing data from blockchain analytics company Chainalysis. The growth in usage occurred despite ongoing government bans on cryptocurrency activities within the country. [1]

Chainalysis tracked 104.1 billion dollars across 18.1 million transfers involving self-custodied stablecoin holdings in China between July 2025 and June 2026, according to Cointelegraph. The data revealed that Chinese stablecoin holdings turned over 33.2 times per year, which is more than three times the global average turnover rate of 9.3 times per year. [1]

In nearby markets, South Korea's crypto economy reached a valuation of 450 billion dollars, making it the largest in East Asia, according to Cointelegraph. However, cryptocurrency exchange profits in South Korea fell by 78 percent during the same period. [1]

Unique wallets sending peer-to-peer stablecoin transactions in China grew 43-fold from Q1 2024 to Q2 2026.
China recorded $104.1 billion across 18.1 million stablecoin transfers between July 2025 and June 2026.
Chinese stablecoin holdings turned over 33.2 times annually, compared to the global average of 9.3.
South Korea's crypto economy reached $450 billion despite exchange profits dropping 78 percent.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

[1]China’s P2P stablecoin wallets surge 43x, Korea’s $450B crypto economy: Asia ExpressCointelegraph Main, 3h ago (the report this story comes from)

Background

[2]Peer-to-peer lending on Wikipedia
[3]Asia Express on Wikipedia
[4]Korea on Wikipedia

Our newsroom writes these reports with the help of software, from the 4 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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