Cryptocurrency remittances from Canada to India, China, and the Philippines surged 141% year-over-year to $2.36 billion, according to new data from blockchain analysis firm Chainalysis. The three countries now account for 194% of Canada's outbound cross-border stablecoin value, up from 10.9% in the previous year.
The transfers totaled 3.56 million transactions over the 12-month period ending June 2026, with an average transaction size of $663. Canada-to-Philippines remittances alone reached $61.02 million across 73,564 transactions, reflecting increases of 28% and 34.7% respectively.
Chainalysis ranked Canada as the strongest peer-to-peer crypto economy among G7 nations. The country's large foreign-born population—about 23% of total population, the highest share in the G7—and the cost of traditional remittance services appear to be driving adoption factors.
Stablecoins have gained significant traction in Canada's remittance corridors. They accounted for 44% of Canadian dollar-based order book volume in June, up from 30% a year earlier. The World Bank estimates the average cost of sending money from Canada using traditional methods at 6.7%, though blockchain-based transfers involve additional expenses for currency conversion and cash-out services.
The analysis examined Bitcoin and stablecoins above $10,000 transferred to and from personal wallets. Previous Chainalysis research found that global cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June.
