Peer-to-peer stablecoin wallets in China grew 43x, according to a Chainalysis report on East Asia. This growth occurred despite China’s longstanding restrictions on crypto trading, reinforced in February with new rules targeting unauthorized yuan-pegged stablecoins. South Korea remains the region’s largest crypto economy at $449.1 billion, while Hong Kong stands out for institutional activity, accounting for 16% of service inflows and nearly $24 billion in business-to-business flows. In Singapore, crypto activity grew 55% while the broader region contracted.
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