Remittance-sized crypto transfers from Canada to India, China and the Philippines grew 141% year-over-year to $2.36 billion, as payments for digital assets spread across three major remittance corridors.
According to a new Chainalysis report, the three countries accounted for 194% of Canada’s outbound cross-border stablecoin value, up from 10.9% last year. A total of 3.56 million transactions took place in the 12 months ending June 2026, averaging $663 per transaction.
Citing additional data shared with Cointelegraph, Chainalysis head of research Eric Jardine said crypto remittances from Canada to the Philippines reached $61.02 million in just 73,564 transactions, up 28% and 34.7%. This analysis brings Bitcoin and stablecoins above $10,000 and personal wallets.
Chainalysis ranked Canada as the strongest peer-to-peer (P2P) cryptoeconomy among G7 countries, citing its large foreign population and the cost of traditional remittance services as potential drivers of adoption.
Stablecoins gain a foothold in Canada’s remittance corridors.
According to Morva Rouhani, executive director of the Canadian Web3 Council, about 23% of Canada’s population is of foreign origin, the highest share in the G7.
“India, the Philippines, Nigeria, Pakistan and China are the most used remittance corridors,” Rouhani said in the report.
According to the report, stablecoins accounted for 44% of Canadian dollar-denominated order book volume in June, up from 30% a year earlier. Chainalysis cites World Bank estimates that the average cost of sending money from Canada is 6.7%, although lower blockchain settlement fees do not account for currency conversion and cash-out costs.
Related: China’s P2P Stablecoin Wallets Grow 43x Despite Crypto Bans: Channel Analysis
The report also found that Canada’s domestic P2P activity tracked changes in its temporary visa holder population from mid-2021, though Chainalysis cautions that the relationship is correlation rather than causation. Jardine told Cointelegraph that the firm doesn’t limit its analysis to small transfers to avoid “missing the value of actual remittances.”
Previous Chainalysis research found that global cross-border stablecoin flows rose 77.5 percent year-over-year to June to $220.3 billion.
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