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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsChainalysis reports that the number of unique wallets sending stablecoin peer-to-peer (P2P) transactions in China rose 43-fold from Q1 2024 to Q2 2026. That is growth in a count of sending wallets—not a measure of unique people, total stablecoin holdings, or transaction volume. The report describes the China market as difficult to measure because crypto exchanges remain banned, and says its estimate relies primarily on P2P activity.
What Chainalysis measured—and what 43x does not mean
The 43x figure compares the number of unique wallets that sent P2P stablecoin transactions in Q1 2024 with the number in Q2 2026. Chainalysis published the estimate in its East Asia Crypto Adoption Report on October 5, 2026.
- It counts sending wallets, not verified individuals. One person may control multiple wallets, and a wallet count does not establish how many people participated.
- It is not a 43-fold increase in stablecoin holdings or transaction value. Chainalysis reports those measures separately.
- It is not a measure of all crypto activity in China. Chainalysis says exchange restrictions suppress local flows and that it relies primarily on P2P activity to estimate the market.
The report does not detail its wallet-labeling and estimation methodology in the article, and no independent reproduction of the China-specific dataset is established here. The 43x result should therefore be read as Chainalysis’s estimate, not an independently verified count.
How the wallet count fits into Chainalysis’s China estimates
Chainalysis uses “2026 period” for July 2025 through June 2026. Its figures describe different dimensions of activity and should not be combined as if they were interchangeable:
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| Measure | Chainalysis figure | What it describes |
|---|---|---|
| Unique sending wallets | 43x growth, Q1 2024 to Q2 2026 | Change in the count of wallets sending P2P stablecoin transactions. |
| Estimated China crypto economy | At least $176 billion, July 2025–June 2026 | Chainalysis’s estimate for the reporting period; it says the true size may be higher. |
| Domestic P2P share | 59.1% in the 2026 period; 3.5 times the prior-period share | Share of Chainalysis’s estimated all-in China crypto economy, not wallet growth. |
| Self-custodied stablecoin turnover | 33.2 annual turns in China; 9.3 globally | Reported annual velocity of holdings, not the number of wallets or the size of the economy. |
| Holdings and transfers | $3.1 billion average holdings; $104.1 billion across 18.1 million transfers | Chainalysis’s reported average holdings and transfer value and count for the period. |
The high turnover is consistent with stablecoins serving as working capital or a functional payment rail, according to Chainalysis. It does not prove the purpose of each transfer. The report also places China’s 33.2 annual turns above Japan at 9.9, Hong Kong at 6.1, South Korea at 5.1, and Taiwan at 3.5.
Why might P2P stablecoin activity have risen?
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.
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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 a possible link between that policy context and interest in alternatives to conventional payment rails as a working hypothesis, not a demonstrated cause. The reported timing alone does not establish why activity grew, and the report does not rule out other explanations.
Chainalysis also reports March 2025 transfer-volume growth by transaction-value band: 996% for transfers under $100, 1,057% for transfers from $100 to $1,000, and 1,321% for transfers from $1,000 to $10,000. These are transfer-volume growth figures, distinct from the 43x sending-wallet count.
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What the findings can—and cannot—tell readers
The figures indicate a sharp rise in the number of wallets sending P2P stablecoin transactions, alongside substantial estimated P2P activity in Chainalysis’s reporting period. They do not by themselves show that 43 times as many people adopted stablecoins, that every transfer was a domestic consumer payment, or that users were responding to a particular policy.
Chainalysis describes a longstanding government ban on crypto services and says exchanges remain banned in China. This article reports that characterization rather than independently interpreting Chinese law; the figures are not legal guidance. The report’s underlying China estimates also lack an independent corroboration here, so readers should treat them as the company’s measurements and estimates.
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In a separate statement included in the report, Tiger Research CEO Daniel Kim said: “Asia is that rare region with both grassroots retail depth and institutional firepower.” The remark is regional context, not evidence for the China-specific wallet estimate.
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