# China-Attributed Crypto Activity Reached $176.3 Billion in 12 Months

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/26992
Published: 2026-10-06T08:55:57.000Z
Updated: 2026-10-06T08:55:57.000Z
Section: Investing

> Peer-to-peer transfers made up 59.1% of activity from July 2025 through June 2026, but the estimate does not show how much funded purchases of goods or services.

Crypto activity attributed to China totaled an estimated $176.3 billion from July 2025 through June 2026, with peer-to-peer transfers making up 59.1% of the total. The estimate measures transaction flows, not how many people were involved or how much activity funded purchases of goods or services.

China’s domestic peer-to-peer share was 3.5 times its share in the previous reporting period. The dates covered by that comparison were not specified. Self-custodied stablecoins tied to China-attributed wallets turned over 33.2 times a year, compared with a global benchmark of 9.3 times.

Those wallets held an average of about $3.1 billion in stablecoins and moved $104.1 billion across 18.1 million transactions during the 12-month period. The turnover is consistent with repeated use of stablecoins for settlement or working capital, but it does not show that they operated as a domestic payment network.

Monthly stablecoin peer-to-peer activity increased for 13 consecutive monthly periods beginning in March 2025. That timing overlapped with a Chinese government guideline issued that month to improve the social credit system. The guideline does not establish a connection between the policy and crypto activity.

A notice issued by Chinese authorities in February 2026 classified crypto-related business as illegal financial activity and prohibited it. The notice covered exchanges between fiat currency and crypto, services provided to people in China by overseas entities, and related account, transfer and settlement services by financial institutions.

The estimate may be higher than $176.3 billion because China’s crypto economy is difficult to track.