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China P2P stablecoin wallets surged 43x as activity shifted to wallets

Chainalysis said China recorded $104.1 billion across 18.1 million transfers using self-custodied stablecoin holdings during July 2025 to June 2026.

Reported · Written up by our desk · Market Structure

China P2P stablecoin activity in self-custodied wallet holdings rose sharply even as crypto restrictions remain in place, according to Chainalysis, as activity increasingly shifted toward direct wallet-to-wallet transfers.

The number of unique wallets sending peer-to-peer stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026, the blockchain analytics firm said.

For the 2026 reporting period, running from July 2025 to June 2026, Chainalysis recorded $104.1 billion across 18.1 million transfers involving China’s self-custodied stablecoin holdings.

Chainalysis also said stablecoin holdings turned over 33.2 times per year, more than three times the global average of 9.3.

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