Chainalysis reports 43-fold surge in China’s P2P stablecoin wallets

Key Summary

Chainalysis reports a 43-fold surge in the number of unique wallets sending peer-to-peer stablecoin transactions in China between Q1 2024 and Q2 2026. Approximately 18.1 million self-custodied stablecoin transfers, worth $104.1 billion, occurred from July 2025 to June 2026. This represents an annualized rate of 33.2 times, significantly higher than the global average of 9.3 times. The growth is attributed to Chinese users favoring decentralized, direct wallet-to-wallet transfers over centralized platforms, despite restrictions on crypto trading.