A recent study has revealed that peer-to-peer (P2P) transactions among Chinese users have grown 3.5-fold in the past year despite the nation’s relentless crypto ban.
According to Blockchain intelligence firm Chainalysis, the Chinese are utilizing these P2P transactions as a workaround to the heavily restricted centralized crypto operations.
Latest statistics on China crypto growth
In the past two years, the Chinese have moved over $176 billion in crypto transactions. This was largely driven by a massive 43x growth in stablecoin turnover between Q1 2024 and Q2 2026, all happening in informal underground and over-the-counter platforms.
