Chainalysis data shows that the number of unique wallets sending peer-to-peer stablecoin transactions in China rose 43-fold. The comparison runs from the first quarter of 2024 to the second quarter of 2026. Cointelegraph reported the figures on October 5, 2026.
The growth happened even though China restricts crypto. According to the report, crypto activity in the country is moving more and more toward direct transfers from one wallet to another.
The figure counts wallets that sent transactions. It does not measure how much money moved. The source does not say which stablecoins were used, how much was transferred, or what the restrictions are. It also does not name any exchange.
If you already hold a perpetual position on Bitget, Bybit, MEXC or OKX, this changes nothing directly. The report covers wallet counts in China. It says nothing about funding rates, trading fees or order-book liquidity on any of these venues, and nothing in it changes what an open position costs to hold today.
Source: cointelegraph — China P2P stablecoin wallets grew 43x despite crypto restrictions: Chainalysis