In China, the number of wallets using stablecoins multiplied 43-fold in two years despite Beijing’s strict ban. These peer-to-peer transfers now represent 59.1% of China’s crypto economy, a share multiplied by 3.5 in one year. Chainalysis estimates China’s crypto economy at at least 176.3 billion dollars between July 2025 and June 2026. On an average stock of 3.1 billion dollars in stablecoins, 104.1 billion dollars circulated through 18.1 million transfers, with each dollar changing hands 33.2 times per year versus 9.3 times globally on average. In March 2025, transfers under 100 dollars surged by 996% following the extension of the social credit system to finance, and the peer-to-peer market continued to grow to reach nearly 5 billion dollars per month by March 2026.
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