China P2P stablecoin wallets grew 43x despite crypto restrictions: Chainalysis

What happened: Chainalysis says unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026, despite China's crypto restrictions, which were reinforced in February with rules targeting unauthorized yuan-pegged stablecoins and tokenized real-world assets. Key numbers: $104.1 Why it matters: Chainalysis says the turnover pattern suggests users treat stablecoins as working capital. Policy advisory lead Jordan Wain said the institutional layer is likely to converge across markets as regulation progresses, while retail markets could remain more distinct.

Chainalysis says unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026, despite China's crypto restrictions, which were reinforced in February with rules targeting unauthorized yuan-pegged stablecoins and tokenized real-world assets.

Chainalysis says the turnover pattern suggests users treat stablecoins as working capital. Policy advisory lead Jordan Wain said the institutional layer is likely to converge across markets as regulation progresses, while retail markets could remain more distinct.