China | Crypto

The July 2025–June 2026 data show rapid stablecoin reuse, while the share funding purchases remains unmeasured. The post China’s crypto ban Is failing to stop a $176 billion P2P economy appeared first on CryptoSlate.

Unique wallets sending P2P stablecoin transactions in China grew 43-fold between Q1 2024 and Q2 2026 as crypto activity increasingly shifted toward direct wallet-to-wallet transfers. The number of unique wallets sending peer-to-peer (P2P) stablecoin transactions in China grew 43-fold between the first quarter of 2024 and the second quarter of 2026, according to Chainalysis. The blockchain analytics company recorded $104.1 billion across 18.1 million transfers involving China’s self-custodied stablecoin holdings during the 2026 reporting period, which ran from July 2025 to June 2026. Stablecoin holdings turned over 33.2 times per year, more than three times the global average of 9.3, a pattern Chainalysis said was consistent with users treating stablecoins as working capital. Read more

Stablecoin issuers are emerging as a new source of demand for US government debt as foreign official holdings lose ground. Tether and Circle have increased their Treasury securities and repurchase-agreement holdings by about $200 billion over the past five years, equivalent to more than 40% of the decline in China’s Treasury holdings over the same […] The post Stablecoin issuers have replaced 40% of China’s lost US Treasury demand appeared first on CryptoSlate.

Singapore’s crypto economy grows 55%, South Korea set to make crypto market makers legal, and Chinese spy ministry warns would-be foreign spies it’s watching the blockchain. CHINA China’s Ministry of State Security has toughened its rhetoric on the risks of cryptocurrencies, highlighting their role in crime and stressing transactions are not really anonymous. According to the South China Morning Post the spooks published an article on social media stating cryptocurrencies are used to facilitate money laundering and cyberattacks and serve as “accomplices” in espionage. Read more

Brookings researchers in the US and China are urging Washington and Beijing to agree to keep humans in control of nuclear weapons.

The People’s Bank of China (PBOC) added 20 new operators this year across two rounds of expansions, including eight additions this week.

The newly authorized lenders will begin offering e-CNY services after completing operational and technical preparations. China’s central bank has added eight banks to its digital yuan network, bringing the number of e-CNY operating institutions to 30.  The People’s Bank of China (PBOC) added Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank, according to a Xinhua report published Monday on the government’s website. The banks will be connected to the PBOC’s digital yuan system and begin offering services after completing operational and technical preparations.  Read more

Gold and US stocks stole the limelight on Wednesday as Bitcoin failed to gain significantly beyond $64,000. Bitcoin stayed wedged at $64,000 on Wednesday’s Wall Street open as gold hit six-week highs. Key points: Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities. Read more

Retail users in Vietnam who trade on offshore crypto exchanges like Binance or OKX face heavy penalties. Network School controversy in Malaysia over Israeli citizen ban. Vietnam will fine retail crypto users up to $1900 if they trade on unlicensed overseas platforms such as Binance, OKX and Bybit, instead of on licensed local exchanges. There’s just one problem: Vietnam’s Finance Ministry has yet to issue any exchange licenses for its regulated digital asset market which is due to start on September 1. Five exchanges have been approved in principle however. Domestic investors who trade crypto that’s been designated exclusively for foreign investors can be fined up to $3800. Crypto companies providing or advertising services without a license, those who fail to properly ID customers, or unlawfully deal with crypto account data, can be fined up to $7600. Balaji Srinivasan’s utopian Network School in Forest City, Malaysia is under fire over allegations it has been hosting Israeli citizens using second passports....

China’s June trade numbers and second-quarter growth numbers looked strong if you look at them one at a time. However, when you put them together, they describe an economy with a very specific problem: factories are still finding buyers abroad, especially for higher-value industrial goods, while demand at home remains too weak to absorb what […] The post China found a $125 billion escape valve for an economy running out of momentum appeared first on CryptoSlate.

Geopolitical tensions and renewed fears of U.S.-China frictions are weighing on risk assets, including bitcoin.

China is reportedly building the same power to cut off its AI that the US deployed against Anthropic in June.

A senior PBOC official called for closer monitoring, stronger regulation and international coordination as stablecoins gain importance in global payments. China’s central bank is paying closer attention to stablecoins as privately issued digital currencies take on a potentially larger role in the international monetary system and cross-border payments. Wang Xin, director general of the Research Bureau at the People’s Bank of China (PBOC), urged authorities to closely monitor the impact of stablecoins while improving international coordination and regulation, Chinese news outlet The Paper reported on Wednesday. “We also need to pay attention to several new areas, such as whether stablecoins will play a more important role in cross-border payments, and how regulation, international coordination and cooperation should proceed,” Wang reportedly said, according to a machine translation. Read more

The Senate Banking Committee voted to advance the CLARITY Act in May, but it must still pass both chambers of Congress before heading to the president's desk. The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis. Passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era,” Lummis said. She added in a separate X post: In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation had stalled for months, reviving crypto industry hopes that the bill might be codified into law in 2026. Read more

China’s Supreme People’s Court plans to study adjudication rules for crypto and AI cases while the country’s crypto ban remains in force. China’s Supreme People’s Court (SPC) said it will study new adjudication rules for virtual currency and cross-border finance cases as part of a broader push to clarify how courts handle digital economy disputes. “We will conduct in-depth research on the adjudication rules for new cases such as virtual currencies and cross-border finance, formulate judicial interpretations on civil compensation involving insider trading and market manipulation as soon as possible,” said Liu Guixiang, Judicial Committee member of the SPC, during a press conference, reported Chinese news outlet Yicai on Wednesday. The court also plans to study judicial protection rules for artificial intelligence cases and data property rights, including disputes involving data ownership, data transactions and AI-generated content. Read more

The next global power competition is not being fought over missiles alone. It’s being fought over money, and right now, China is moving aggressively to shape the future of it, argues Gooden.

China’s new online marketing rules tighten an already sweeping crypto ban and place fresh pressure on financial influencers, echoing parallel crackdowns in Europe, Australia and the UK. China’s central bank and seven other regulators have finalized the “Administrative Measures for Online Marketing of Financial Products” (Announcement No. 9), dated April 21 and publicly released on April 24. The rules take effect on Sept. 30, 2026, and confine online marketing of financial products to licensed financial institutions and lawfully entrusted third-party platforms, and prohibit any organization or individual from offering online marketing services or any other form of assistance that facilitates illegal financial activities. The text explicitly folds virtual currency issuance and trading, along with illegal foreign exchange margin business, into the definition of illegal financial activity, reinforcing a stance first made explicit when the People’s Bank of China declared all crypto transactions illegal in 2021. Re...

Admiral Samuel Paparo, head of US Indo-Pacific Command, told two congressional panels this week that the military is running a live Bitcoin node for cybersecurity testing and views the protocol as a tool of national power in competition with China.

Circle’s Jeremy Allaire sees “tremendous” room for a yuan stablecoin, despite China banning most private yuan tokens and pushing its CBDC to challenge US dollar stablecoins. Circle CEO Jeremy Allaire says there is “tremendous opportunity” for a yuan-backed stablecoin, despite Beijing’s formal moves against most private renminbi-linked stablecoins and commitment to its own digital yuan.  Speaking to Reuters in Hong Kong on Thursday, Allaire framed stablecoins as a way for China to “export” its currency by making global payments easier, as digital money becomes more tightly woven into trade and finance, and said the country could roll out a yuan-backed stablecoin within three to five years.  Geopolitical rivalry over money is increasingly being waged in code as much as in central bank policy, and Allaire’s comments sharpen a deeper question: Can governments that clamp down on private digital currencies afford to shun them if they want to compete globally? Read more

Iran conflict is already disrupting the hidden plumbing of global trade The market spent the first phase of the Iran conflict watching crude. That was the visible layer. Today, prices have fallen below $90 a barrel for the first time in a while and Bitcoin is soaring alongside. However, a consequential shift is still happening […] The post Oil prices fall but China trade and US inflation data weakens as Iran contagion spreads – in opportunity for Bitcoin appeared first on CryptoSlate.