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ZEC $1,365 Chainalysis says China peer-to-peer stablecoin wallets grew 43-fold despite restrictions
New Chainalysis data shows a sharp rise in Chinese peer-to-peer stablecoin wallet activity even as crypto trading bans remain in place.
Key takeaways
- Wallet growth was sharp. Unique Chinese P2P stablecoin wallets rose 43-fold between Q1 2024 and Q2 2026.
- Turnover exceeds global average. China's self-custodied stablecoin holdings turned over 33.2 times per year, versus a global average of 9.3 times.
- Domestic P2P dominates economy. Domestic P2P activity made up 59.1% of China's estimated at least $176 billion crypto economy in the 2026 period.
What happened
Blockchain analytics firm Chainalysis published new data showing a 43-fold rise in unique Chinese wallets sending peer-to-peer stablecoin transactions between the first quarter of 2024 and the second quarter of 2026. The growth occurred even as China maintained its longstanding ban on cryptocurrency trading and exchange services, with all recorded activity taking place via self-custodied wallet-to-wallet transfers. The country's official restrictions on crypto services were reinforced in February 2026 with new rules targeting unauthorized yuan-pegged stablecoins and tokenized real-world assets.
Why it matters
The trend underscores how crypto users in markets with strict trading restrictions adapt by relying on peer-to-peer, self-custodied transactions rather than regulated exchange services. Chainalysis noted that China's self-custodied stablecoin holdings turned over 33.2 times per year during the 2026 reporting period, more than three times the global average of 9.3 times per year, a pattern the firm said was consistent with users treating stablecoins as working capital for frequent transfers rather than static holdings.
What is still unclear
- The data only tracks self-custodied peer-to-peer stablecoin transfers and does not capture activity conducted via other methods, nor does it indicate a relaxation of China's crypto trading restrictions.
Questions readers ask
Is crypto trading allowed in China?
China has maintained a longstanding ban on cryptocurrency trading and exchange services, which was reinforced with new rules in February 2026. The Chainalysis data tracks only peer-to-peer, self-custodied stablecoin transfers, not exchange activity.
How does China's stablecoin turnover compare to the global average?
Chainalysis found that China's self-custodied stablecoin holdings turned over 33.2 times per year during the 2026 reporting period, more than three times the global average of 9.3 times per year.
What share of China's crypto economy is domestic peer-to-peer activity?
Domestic peer-to-peer activity accounted for 59.1% of China's total estimated crypto economy of at least $176 billion in the 2026 reporting period, 3.5 times its share in the prior 2025 period.
