According to Chainalysis, the number of unique wallets conducting peer-to-peer stablecoin transactions in China increased 43-fold between the first quarter of 2024 and the second quarter of 2026. This shift reflects a move toward direct wallet-to-wallet transfers despite ongoing government restrictions on cryptocurrency trading.
During the reporting period from July 2025 to June 2026, Chainalysis tracked $104,1 billion in transfers involving self-custodied stablecoin holdings in China. These assets turned over 33,2 times annually, significantly higher than the global average of 9,3. Domestic P2P activity now represents 59,1% of China's estimated $176 billion crypto economy.
Regional data shows South Korea remains the largest crypto market in East Asia with a value of $449,1 billion, showing a 12,3% growth. Meanwhile, Hong Kong attracted $24 billion in business-to-business inflows, with institutional platforms accounting for 16% of service activity. The city issued its first stablecoin licenses in April 2026.
In Japan, decentralized exchanges now account for nearly 35% of service activity, marking a growth of over 200% since 2022. Most of these swaps fall within the $10 to $1 000 range. In July 2026, Japanese lawmakers updated the national financial-markets framework to include digital assets.
