[Chainalysis: China's P2P Stablecoin Wallets Increase 43-Fold in Two and a Half Years, Domestic P2P Accounts for Nearly 60%] Golden Finance reported on October 6, citing a Chainalysis report via Cointelegraph, that despite China's long-standing restrictions on crypto trading and strengthened controls in February, domestic peer-to-peer (P2P) stablecoin activity has continued to grow rapidly. From Q1 2024 to Q2 2026, the number of independent wallets in China sending P2P stablecoin transactions increased 43-fold. During the reporting period from July 2025 to June 2026, transfers involving self-custodied stablecoins in China reached $104.1 billion across 18.1 million transactions. Stablecoin holdings had an annual turnover rate of 33.2 times, more than triple the global average of 9.3, reflecting users' view of stablecoins as operational capital. The report estimates the scale of China's crypto economy to be at least $176 billion, with domestic P2P accounting for 59.1%.