Chainalysis reports that the number of unique wallets sending stablecoins peer-to-peer (P2P) in China grew 43-fold from Q1 2024 to Q2 2026. That is a rise in sending-wallet counts—not a 43-fold increase in people, stablecoin holdings, or transaction volume. The estimate comes from a market the company says is difficult to measure, with its China analysis relying primarily on P2P activity because exchanges remain banned, according to its October 5, 2026 East Asia Crypto Adoption Report.
What Chainalysis’s 43x figure measures
The figure counts unique wallets that sent stablecoin P2P transactions. It compares Q1 2024 with Q2 2026; it does not count verified individuals, measure the amount held by each wallet, or state how much transaction volume grew over that same comparison.
Chainalysis says China’s crypto market is difficult to measure and that its estimate relies primarily on P2P activity because exchanges remain banned. The 43x figure should therefore be read as the company’s estimate for this on-chain activity, not as a complete census of Chinese crypto use. The report’s article does not detail its wallet-labeling and estimation methodology, and the underlying China-specific data has not been independently reproduced in the material available here.
How the wallet count fits the wider estimate
Chainalysis uses “2026 period” to mean July 2025 through June 2026. For that 12-month period, it estimates China’s crypto economy at at least $176 billion and says the true size may be higher. That economy estimate and the 43x wallet-count comparison are different measures with different time windows.
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For the July 2025–June 2026 period, the company says domestic P2P activity made up 59.1% of China’s estimated crypto economy, or 3.5 times the share in the prior period. This is a share of estimated activity, not the wallet-growth rate.
What the report says about stablecoin turnover
Chainalysis estimates that self-custodied stablecoin holdings in China turned over 33.2 times per year, compared with a global average of 9.3. For the reporting period, it reports average holdings of $3.1 billion and $104.1 billion moved across 18.1 million transfers. The report also gives annual-turnover figures of 9.9 for Japan, 6.1 for Hong Kong, 5.1 for South Korea, and 3.5 for Taiwan.
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High turnover is consistent with stablecoins functioning as working capital or as a payment rail, the report says. That is an interpretation of aggregate activity, not evidence of the purpose behind every transfer or proof that all the activity represents ordinary consumer payments.
Why might P2P stablecoin activity have accelerated?
Chainalysis says domestic P2P activity began a sustained month-over-month rise in March 2025. It reports monthly activity additions of $240 million in March 2025, rising to nearly $5 billion a year later. These are monthly additions, not cumulative totals. The report also gives March 2025 transfer-volume growth by size band: 996% for transfers under $100, 1,057% for $100–$1,000, and 1,321% for $1,000–$10,000.
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The report notes that the acceleration began around March 2025, when it says China expanded social-credit policy into finance and the internet. It describes the possibility that this encouraged some people to seek alternatives to conventional payment rails as a working hypothesis—not a proven cause. The figures alone do not establish that policy change, or any particular attempt to circumvent a rule, drove the observed activity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the report does—and does not—establish
- Reported: The count of unique wallets sending P2P stablecoin transactions rose 43x between Q1 2024 and Q2 2026, according to Chainalysis.
- Separately estimated: China’s crypto economy was at least $176 billion in the July 2025–June 2026 period, and domestic P2P represented 59.1% of that estimate.
- Not equivalent: Wallet growth, economy size, P2P share, transfer value, and annual turnover describe different things and should not be treated as interchangeable measures.
- Not established: The report does not show that wallet counts equal people, identify the purpose of every transfer, or prove why activity grew.
Chainalysis characterizes the Chinese government’s longstanding crypto-services ban as suppressing local flows and says exchanges remain banned. This is the report’s description, not legal advice; anyone making a decision that depends on current rules should consult current official guidance.
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