According to the Chainalysis East Asia Crypto Adoption Report, the number of unique wallets conducting peer-to-peer stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026. Approximately $104.1 billion moved through 18.1 million self-custodied stablecoin transfers from July 2025 to June 2026, with a turnover rate of 33.2 times per year, well above the global average of 9.3 times. Domestic P2P activity now represents 59.1% of China’s estimated crypto economy, valued at at least $176 billion. Despite reinforced restrictions on unauthorized stablecoins in February 2026, Chinese users continued to transfer stablecoins, with a $4.9 billion monthly volume spike recorded in March 2026. South Korea leads East Asia’s crypto economy at approximately $1.2 trillion.
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