China’s Stablecoin Underground Hits $104 Billion Despite Beijing’s Crypto Ban
Beijing has spent years attempting to excise cryptocurrency from its domestic economy, yet the latest Chainalysis 2026 Geography of Cryptocurrency Report reveals a persistent, high-velocity alternative. Domestic peer-to-peer (P2P) stablecoin transfers in China reached $104.1 billion annually, facilitated by 18.1 million individual transfers. This activity is not merely a residual habit; it represents a 43-fold…