2025-12-13 –, Room02
How does the illegal stablecoin market operate in Mainland China?
Based on 30 semi-structured interviews, this study examines the
mechanism of the stablecoin market in China, focusing on the
transaction behaviors of retail investors and OTC brokers. The
stablecoin market in China manifests in three scenarios: online
exchanges, including C2C (customer to customer) trades, semi-C2C
trades and off-platform trades. This study explores the risks faced by
Chinese participants in the stablecoin market and how they manage
these transaction risks without state protection. This research provides
empirical insights into a non-Western illegal market, enriching
criminology literature in this field.
Keywords: cryptocurrency, stablecoins, illegal market, risk, credible
commitment, trust
Department of Sociology, The University of Hong Kong
Role in the Panel:Paper Presenter
Co-author 1 Name:Dr. Peng Wang (Associate professor)
Co-author 1 Affiliation:Department of Sociology, The University of Hong Kong
