CoinMeta data: According to the Chainalysis report, from the first quarter of 2024 to the second quarter of 2026, the number of independent Chinese wallets sending P2P stablecoin transactions increased by 43 times. From July 2025 to June 2026, there were 104.1 billion US dollars in transfers involving Chinese self-managed stablecoins, with a turnover rate of 33.2 times per year. The scale of China's crypto economy was at least 176 billion US dollars, and domestic P2P accounted for 59.1%.