[China's P2P Stablecoin Transactions Surge 43-Fold, South Korea Leads East Asia's Crypto Economy] According to Deep Tide TechFlow on October 9, data from Cointelegraph reveals that blockchain analytics firm Chainalysis reported a 43-fold increase in China's peer-to-peer (P2P) stablecoin wallet transactions between Q1 2024 and Q2 2026. During this period, a total transaction volume of $104.1 billion was recorded, with a turnover rate exceeding the global average by three times, signaling that users view stablecoins as 'working capital.' Based on this estimate, the scale of China's crypto economy is at least $176 billion. South Korea, with an estimated valuation of $449.1 billion, has become the largest crypto economy in East Asia, with activity levels increasing by 12.3% year-on-year, driven by retail investors' enthusiasm for AI tokens. However, South Korean enterprises are facing operational pressures due to shrinking transaction volumes and customer deposit outflows, with operating profits plummeting 78% year-on-year in the first half of 2026. Meanwhile, the Hong Kong government reiterated its commitment to submitting revised legislation by the end of 2026 to implement comprehensive licensing management for digital assets.