Cryptocurrency transfers from Canada to India, China, and the Philippines rose 141% year over year to $2.36 billion, as digital asset payments spread across three major remittance corridors.
According to a new Chainalysis report, the three countries accounted for 19.4% of Canada’s outgoing cross-border stablecoin transfer volume, up from 10.9% a year earlier. In the 12 months ending in June 2026, 3.56 million transactions were made, averaging $663 per transaction.
Citing additional data provided to Cointelegraph, Chainalysis head of research Eric Jardine said cryptocurrency transfers from Canada to the Philippines totaled $61.02 million across 73,564 transactions, up 28% and 34.7%, respectively. The analysis covers bitcoin and stablecoins worth more than $10,000 sent from and to personal wallets.
Chainalysis named Canada the strongest P2P crypto economy among G7 countries, citing its large foreign-born population and the cost of traditional remittance services as potential drivers of adoption.
North American crypto economy, by reporting period. Source: Source: Chainalysis
Stablecoins are gaining popularity in Canada's remittance corridors
According to Canadian Web3 Council executive director Morva Rohani, around 23% of Canada's population was born abroad—the highest share among G7 countries.
“Remittance corridors to India, the Philippines, Nigeria, Pakistan and China are actively used,” Rohani 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 cited World Bank estimates that the average cost of sending money from Canada is 6.7%, although low blockchain settlement fees do not account for currency conversion and cash withdrawal costs.
The report also said that domestic P2P activity in Canada has shifted since mid-2021 in line with the number of people holding temporary visas, although Chainalysis cautioned that the relationship was correlational, not causal. Jardine told Cointelegraph that the company does not limit its analysis to only the smallest transfers so as not to “miss the true scale of remittances.”
According to previous Chainalysis research, global cross-border stablecoin flows grew 77.5% to $220.3 billion in the year through June.