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The number of wallets participating in peer-to-peer stablecoin trading in China has surged despite continued cryptocurrency restrictions, Chainalysis said, citing its own data. The blockchain analytics firm said the number of unique wallets sending P2P stablecoins in China rose 43-fold from the first quarter of 2024 to the second quarter of 2026. From July 2025 to June 2026, China recorded 18.1 million transactions tied to self-custodied stablecoins, with a total value of $104.1 billion, according to the data.