Canada Crypto Remittances to Asia Surge 141% to $2.36 Billion: Chainalysis
Written by Ezra Reguerra, staff writer, Edited by Yohan Yun, staff editor
Remittance-sized crypto transfers from Canada to Asian countries reached a staggering $2.36 billion, with transfers to the Philippines alone rising 28% to $61 million, according to a new Chainalysis report. This year-over-year surge of 141% highlights the growing adoption of digital assets for cross-border payments.
The report focuses on Canada's outbound cross-border stablecoin transactions to India, China, and the Philippines, which accounted for 19.4% of Canada's total stablecoin value, marking a significant increase from the previous year's 10.9%. Over 3.56 million transactions, averaging $663 per transaction, took place in the 12 months ending June 2026.
Chainalysis' Eric Jardine revealed that Canada-to-Philippines crypto remittances alone totaled $61.02 million across 73,564 transactions, a substantial 28% and 34.7% increase, respectively. The analysis covers Bitcoin and stablecoins exceeding $10,000 in personal wallets.
North America Crypto Economy: A Strong P2P Market
Canada stands out as the strongest peer-to-peer (P2P) crypto economy among G7 nations, thanks to its large foreign-born population and the relatively high cost of traditional remittance services. According to Morva Rohani, executive director of the Canadian Web3 Council, "Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used."
Stablecoins Gain Traction
Stablecoins have been making waves in Canada's remittance corridors, accounting for 44% of Canadian dollar-based order book volume in June, up from 30% a year prior. While the World Bank estimates the average cost of sending money from Canada at 6.7%, blockchain technology's low settlement fees do not factor in currency conversion and cash-out costs.
The report also draws a connection between Canada's domestic P2P activity and changes in its temporary visa-holder population since mid-2021. However, Chainalysis emphasizes that this relationship is correlational rather than causal.
Global Cross-Border Stablecoin Flows on the Rise
This surge in Canadian crypto remittances is part of a broader global trend. Chainalysis' previous research revealed that global cross-border stablecoin flows rose 77.5% to $220.3 billion in the year ending June 2026.
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