China P2P Stablecoin Wallets Surge 43-Fold Despite Regulatory Ban

Key Facts

Unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026. Cointelegraph reported that crypto activity has increasingly shifted toward direct wallet-to-wallet transfers to circumvent national restrictions on centralized trading platforms.

The surge in stablecoin usage demonstrates the resilience of crypto adoption in China despite strict regulatory bans. This activity relies on direct transfers that bypass formal exchange monitoring, indicating strong underlying demand within the country's grey market.