China’s P2P stablecoin wallets surge 43x, Korea’s $450B crypto economy: Asia Express

Overview of the Chinese Stablecoin Surge

Chainalysis reported a 43-fold increase in unique wallets sending peer-to-peer stablecoin transactions in China between the first quarter of 2024 and the second quarter of 2026. The blockchain analytics company recorded $104.1 billion across 18.1 million transfers involving China's self-custodied stablecoin holdings during the 2026 reporting period.

South Korea's Crypto Economy Dominance

Chainalysis ranked South Korea as East Asia's largest crypto economy at $449.1 billion, with activity growing 12.3% in the year to June 2026. Retail traders showed a strong preference for AI-linked tokens, but the first half of 2026 has not been kind to South Korean crypto exchanges, which saw operating profits fall 78%.

Hong Kong's Institutional Activity

The Hong Kong government reaffirmed its plans to submit an amendment bill before the end of 2026 to establish licensing regimes for digital asset trading, custody, advisory, and management services. Hong Kong emerged as a key player in the digital asset space, with institutional platforms accounting for 16% of service inflows, nearly three times the share in any regional neighbor.

Regional Developments

Standard Chartered announced plans to launch digital asset custody services for institutional clients in Singapore, while Independent Reserve added cross-border payment tools enabling businesses to make fiat and stablecoin payouts. The exchange also launched crypto derivatives trading for sophisticated investors via subsidiary ReserveX. Payward, the parent company of Kraken, and Singapore Gulf Bank partnered to enable round-the-clock institutional crypto settlement.