China's P2P stablecoin wallets grew 43x from Q1 2024 to Q2 2026 — $104.1B across 18.1M transfers, per Chainalysis. Turnover runs 33.2x a year vs 9.3 globally, so these are working-capital rails, not s

What happened: Chainalysis reported China P2P stablecoin wallets grew 43x from Q1 2024 to Q2 2026, and ranked South Korea as East Asia's largest crypto economy. Why it matters: Chainalysis said the turnover pattern suggests users treat stablecoins as working capital. South Korean exchanges saw profits fall as trading, valuations and deposits declined. Securitize gained an early foothold as Korea prepares a tokenized securities framework for February 2027.

Chainalysis reported China P2P stablecoin wallets grew 43x from Q1 2024 to Q2 2026, and ranked South Korea as East Asia's largest crypto economy.

Chainalysis said the turnover pattern suggests users treat stablecoins as working capital. South Korean exchanges saw profits fall as trading, valuations and deposits declined. Securitize gained an early foothold as Korea prepares a tokenized securities framework for February 2027.