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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Chainalysis reports that the number of unique wallets sending stablecoins peer to peer (P2P) in China grew 43 times from Q1 2024 to Q2 2026. That measures sending-wallet counts—not people, total holdings, or transaction volume—and the company says its China estimate is difficult to measure because crypto exchanges remain banned.
What Chainalysis measured—and what 43x means
The 43x figure compares the number of unique wallets that sent stablecoin P2P transactions in Q1 2024 with the number in Q2 2026. It does not mean there are 43 times as many Chinese crypto users, that wallet balances rose by that factor, or that transfer value increased 43-fold. Chainalysis published the figure in its October 5, 2026 East Asia Crypto Adoption Report.
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The distinction matters because a person may use more than one wallet, and wallet counts do not reveal who controls an address. Chainalysis says its China estimate relies primarily on P2P activity because exchanges remain banned and local crypto flows are difficult to measure. The report’s article does not detail the wallet-labeling and estimation methodology, and the China-specific figures have not been independently reproduced in the material available here.
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How large was the activity in the report’s 2026 period?
Chainalysis defines its “2026 period” as July 2025 through June 2026. It estimates China’s crypto economy at at least $176 billion for that window, warning that the true size may be higher. The report says domestic P2P activity made up 59.1% of that estimated economy—3.5 times the share in the prior period. This is a share of estimated activity, not the 43x increase in unique sending wallets.
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What the transfer and turnover figures show
For self-custodied stablecoins, Chainalysis reports average holdings of $3.1 billion in China during the period, with $104.1 billion moved across 18.1 million transfers. It calculates annual turnover at 33.2 times, compared with a global average of 9.3. The report also lists annual turnover of 9.9 in Japan, 6.1 in Hong Kong, 5.1 in South Korea, and 3.5 in Taiwan.
Turnover describes how much value moved relative to average holdings; it is not an additional estimate of how much people owned. Chainalysis says the high rate is consistent with stablecoins functioning as working capital or a payment rail. That is an interpretation of aggregate on-chain activity, not proof of the purpose or participants behind every transfer.
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Why does Chainalysis think P2P activity accelerated?
Chainalysis says domestic P2P activity began a sustained month-over-month rise in March 2025. It reports monthly activity additions of $240 million that month, rising to nearly $5 billion a year later. These are monthly additions, not cumulative totals. For March 2025, it reports transfer-volume growth of 996% for transfers under $100, 1,057% for $100–$1,000, and 1,321% for $1,000–$10,000.
The report notes that the acceleration began around March 2025, when it says China expanded social-credit policy into finance and the internet. It presents the possibility that this encouraged some people to seek alternatives to conventional payment rails as a working hypothesis, not an established cause. The reported timing does not by itself show that the policy change caused wallet growth, and the figures do not prove that all transfers were ordinary consumer payments or intended to bypass a particular restriction.
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How to read the finding amid crypto restrictions
Chainalysis describes China’s longstanding ban on crypto services as suppressing local flows and says exchanges remain banned. Its figures therefore offer a view of estimated on-chain and P2P activity, not a complete census of the country’s crypto use. The report is not legal guidance; readers should consult current official rules for questions about what is permitted.
The clearest takeaway is that Chainalysis observed a sharp increase in unique wallets sending stablecoin P2P transactions, alongside substantial estimated transfer activity and high turnover. The scale is notable, but the figures should be read as the company’s estimates, with wallet counts, transfer volumes, economic share, and proposed explanations kept distinct.
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