Chainalysis data shows a 43-fold increase in the number of unique wallets in China sending peer-to-peer stablecoin transactions. The count was measured from the first quarter of 2024 to the second quarter of 2026.
The increase came while China's bans on crypto remain in place. The report does not say who is behind the wallets or how much value they moved.
The same report puts South Korea's crypto economy at $450 billion, the largest in East Asia. Both figures appeared in Cointelegraph Magazine's Asia Express column by Andrew Fenton, published on October 8, 2026.
Neither figure points to a direct change for anyone already holding a perpetual position on Bitget, Bybit, MEXC or OKX. The report gives no data on funding rates, trading fees or order-book liquidity on any of these exchanges. It also does not show whether the stablecoin activity in China touches derivatives markets. For now, nothing here changes what an open perp position costs to hold.
Source: cointelegraph — China’s P2P stablecoin wallets surge 43x, Korea’s $450B crypto economy: Asia Express