Regulation· ★★★· neutral·

Chainalysis: China's stablecoin P2P sender wallets up 43x

  • —Sender wallets for P2P stablecoin transfers in China grew 43x
  • —P2P made up 59.1% of China's crypto activity, up 3.5x
  • —Annual self-custody stablecoin turnover hit 33.2x average holdings
  • —Growth coincided with social credit expansion into finance in March 2025
Why it matters: The data shows China's crypto ban has not stopped stablecoin P2P flows, pushing them into non-custodial wallets outside exchanges.
Source: CoinDesk Japan
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