China P2P stablecoin wallets jump 43x as South Korea’s crypto economy hits $450B

The contrast is the story: formal restrictions in China have not suppressed stablecoin demand, they have pushed it into peer-to-peer channels that are harder to monitor and regulate. South Korea's scale shows where regulated, high-participation markets can get to, while China's surge shows the opposite path — activity migrating rather than disappearing. The open question is whether this P2P growth stays a workaround or becomes the dominant stablecoin channel across restrictive jurisdictions.