Remittance-sized crypto transfers from Canada to India, China and the Philippines surged 141% year-over-year to $2.36 billion, as digital asset payments expanded across the 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% in the previous year. Transfers totaled 3.56 million transactions in the 12 months ending June 2026, averaging $663 per transaction.
Referring to additional data shared with Cointelegraph, Chainalysis head of research Eric Jardine said Canada-to-Philippines crypto remittances alone reached $61.02 million across 73,564 transactions, up 28% and 34.7%. The analysis covers Bitcoin and stablecoins above $10,000 to and from personal wallets.
Chainalysis ranked Canada as the strongest peer-to-peer (P2P) crypto economy among G7 nations, pointing to its large foreign-born population and the cost of traditional remittance services as potential adoption drivers.
Stablecoins gain ground in Canada’s remittance corridors
About 23% of Canada’s population is foreign-born, the highest share in the G7, according to Morva Rohani, executive director of the Canadian Web3 Council.
“Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used,” Rohani said in the report.
Stablecoins accounted for 44% of Canadian dollar-based order book volume in June, up from 30% a year earlier, the report found. Chainalysis cited World Bank estimates putting the average cost of sending money from Canada at 6.7%, although low blockchain settlement fees do not account for currency conversion and cash-out costs.
Related: China P2P stablecoin wallets grew 43x despite crypto restrictions: Chainalysis
The report also found that Canada’s domestic P2P activity tracked changes in its temporary visa-holder population since mid-2021, although Chainalysis cautioned that the relationship was correlational rather than causal. Jardine told Cointelegraph that the firm does not limit its analysis to the smallest transfers to avoid “omitting real remittance value.”
Previous Chainalysis research found global cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June.
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