Chainalysis report shows significant growth in P2P stablecoin activity within China

According to the Chainalysis report, the number of independent wallets in China that send P2P stablecoin transactions has increased 43 times from the first quarter of 2024 to the second quarter of 2026. From July 2025 to June 2026, there were $104.1 billion and 18.1 million transfers involving self managed stablecoins in China, with 33.2 annual turnover of stablecoin holdings. The scale of China's cryptocurrency economy is at least $176 billion, with domestic P2P accounting for 59.1%.