Chainalysis: China's crypto activity hit $176B, 59% moved via P2P
- —China's crypto activity reached at least $176 billion in the year to June 2026
- —P2P transfers accounted for 59.1% of activity, 3.5x the prior period's share
- —Monthly stablecoin payment growth rose from $240 million to nearly $5 billion
- —Self-custodied stablecoin turnover hit 33.2x versus a global benchmark of 9.3x
Why it matters: Beijing's exchange ban has not curbed demand for dollar stablecoins, leaving a large market outside regulated infrastructure.
Source: CryptoSlate