According to Cointelegraph, unique wallets involved in P2P stablecoin transactions in China increased 43-fold between the first quarter of 2024 and the second quarter of 2026. The growth reflects a shift toward direct wallet-to-wallet transfers for stablecoin usage within the country.
The rise occurred as regulatory restrictions on cryptocurrency activities remained in place. Despite these constraints, users continued to utilize P2P mechanisms for stablecoin transactions. Chainalysis reported the increase based on observed wallet activity patterns during the period spanning Q1 2024 through Q2 2026.
The data points to increased reliance on peer-to-peer channels for stablecoin movement among Chinese users, consistent with trends seen in decentralized or informal transaction methods under regulatory limits. No details regarding specific stablecoin types, user numbers, transaction volumes, enforcement actions, or official policy changes are included in the source information.
