Asia's Crypto Landscape: A Rapidly Evolving Ecosystem
China’s P2P Stablecoin Wallets Surge 43x, Korea’s $450B Crypto Economy
Despite ongoing bans, China has witnessed a remarkable surge in peer-to-peer (P2P) stablecoin usage. New data reveals that South Korea boasts the largest crypto economy in East Asia, valued at approximately $450 billion.
China's P2P Stablecoin Growth
The number of unique wallets engaging in P2P stablecoin transactions in China increased 43-fold between Q1 2024 and Q2 2026, according to Chainalysis. This period saw a significant $104.1 billion in transactions involving self-custodied stablecoins, with an annual turnover of 33.2 times per year—far exceeding the global average.
Chainalysis estimates China's crypto economy to be worth at least $176 billion, with P2P activity accounting for a substantial 59.1% of the total. March 2026 marked the largest monthly increase in domestic stablecoin transfer volume, totaling $4.9 billion.
South Korea: A Crypto Powerhouse
South Korea ranks as East Asia's largest crypto economy, valued at $449.1 billion, according to Chainalysis. Retail traders' preference for AI-related tokens contributed to a 12.3% growth rate in the year leading up to June 2026. However, South Korean crypto exchanges have faced challenges, with operating profits declining by 78% in the first half of 2026 due to reduced trading activity and market fluctuations.
Tokenization and Innovation
Securitize stock experienced an 8% surge following a partnership between Securitize and LG CNS, aiming to develop tokenized assets and digital infrastructure for South Korean financial institutions. This development comes as South Korea prepares to implement new rules for tokenized securities in February 2027.
Standard Chartered Enters the Singapore Crypto Custody Market
Standard Chartered has announced plans to launch digital asset custody services in Singapore, catering to institutional and accredited corporate clients. The bank aims to secure select cryptocurrencies, stablecoins, and tokenized real-world assets for its clients.