Crypto transfers from Canada to India, China and the Philippines have increased sharply, rising 141% year-on-year to $2.36 billion, according to blockchain analytics firm Chainalysis. The growth shows how digital assets, particularly stablecoins, are becoming an important option for people sending money across borders.
The three countries accounted for 19.4% of Canada’s outbound cross-border stablecoin value, compared with 10.9% a year earlier. The transfers involved 3.56 million transactions in the 12 months ending June 2026, with an average value of $663 per transaction.
LATEST: 📊 Chainalysis ranks Canada the top P2P crypto economy in the G7, citing its large foreign-born population and the cost of traditional remittances as potential adoption drivers. https://t.co/F5h1PlUErA
— CoinMarketCap (@CoinMarketCap) October 15, 2026
Chainalysis also found that Canada-to-Philippines crypto remittances reached $61.02 million through 73,564 transactions. The value increased by 28%, while the number of transactions rose by 34.7%. The analysis covered Bitcoin and stablecoin transfers worth more than $10,000 to and from personal wallets.
The report described Canada as the strongest peer-to-peer (P2P) crypto economy among the G7 group of major industrialised nations. One possible reason is the country’s large immigrant population.
About 23% of Canada’s population was born abroad, the highest share among G7 countries, according to Morva Rohani, executive director of the Canadian Web3 Council. She noted that remittance routes connecting Canada with India, the Philippines, Nigeria, Pakistan and China are widely used.
The cost of traditional money transfers may also be encouraging people to explore digital assets. World Bank estimates cited by Chainalysis put the average cost of sending money from Canada at 6.7%. However, blockchain transaction fees are only one part of the total cost. Users may still have to pay for currency conversion and withdrawing money into local currency.
Stablecoins are also gaining ground in Canadian trading. They accounted for 44% of Canadian-dollar-based order book volume in June, compared with 30% a year earlier.
Chainalysis found that domestic P2P activity moved alongside changes in the number of temporary visa holders in Canada since mid-2021. However, the company cautioned that this was a correlation and did not prove that one caused the other. Globally, cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June, according to earlier Chainalysis research.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment