Unique wallets sending peer-to-peer stablecoin transactions in China grew 43x between Q1 2024 and Q2 2026, according to Chainalysis. The firm said China’s official, longstanding ban on crypto services suppresses local flows and that exchanges remain banned in the country. Its figures track growing domestic, self-custodied stablecoin activity through wallet-to-wallet transactions, not a reopening of China’s exchange market.
Data Snapshot
MetricCurrentPreviousChangePeriodAs ofSourceUnique wallets sending stablecoin peer-to-peer transactions in China43x—grew 43xbetween Q1 2024 and Q2 2026October 5, 2026ChainalysisChina’s self-custodied stablecoin holdings turnover33.2x per yearworld average of 9.3x—2026 periodOctober 5, 2026ChainalysisStablecoin transfers involving China’s self-custodied holdings$104.1 billion across 18.1 million transfers——July 2025 to June 2026October 5, 2026ChainalysisChina’s domestic P2P economy share59.1% of its all-in economy—a 3.5x growth in share over the prior period2026 periodOctober 5, 2026ChainalysisChina’s domestic stablecoin transfer volume added$4.9 billion——March 2026October 6, 2026Cointelegraph
Domestic P2P share
Chainalysis estimated China’s crypto economy at least $176 billion in the 2026 period and said domestic P2P activity accounted for 59.1% of that all-in economy. The share was 3.5x higher than in the prior period.
That reading is separate from the 43x growth in unique wallets sending stablecoin P2P transactions: 59.1% is a market-share measure, whereas 43x counts wallets. China’s official, longstanding ban on crypto services and exchange ban remain part of the backdrop, even as the data records activity among self-custodied wallets.
China's month-over-month change domestic stablecoin payments in USD; month-on-month change in domestic wallet-to-wallet stablecoin volume, January 2025 to June 2026. — Source: Cointelegraph
Stablecoin turnover
China’s self-custodied stablecoin holdings turn over at 33.2x per year, versus a world average of 9.3x, according to Chainalysis—suggesting that the holdings captured in the data were used more actively than the global benchmark rather than simply held.
From July 2025 to June 2026, stablecoin transfers involving China’s self-custodied holdings reached $104.1 billion across 18.1 million transfers. The transfer total and count provide a separate view of usage intensity from the unique-wallet growth measured between Q1 2024 and Q2 2026.
The figures are limited to the periods and categories reported by Chainalysis and should not be read as a measure of all financial activity in China or as evidence that the country’s restrictions on crypto services have changed.
March transfer increase
March 2026 recorded the largest monthly increase shown in domestic stablecoin transfer volume, with $4.9 billion added, according to Cointelegraph reporting on the data. That is a month-on-month change in domestic wallet-to-wallet volume, rather than a figure directly comparable with the broader $104.1 billion transfer value reported for July 2025 to June 2026.
The March reading adds a monthly inflection point to a period in which Chainalysis recorded a 43x increase in unique Chinese wallets conducting P2P stablecoin transfers.
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Source: Crypto Daily