Key facts
- Crypto remittances from Canada to India, China, and the Philippines reached $2.36 billion in the 12 months ending June 2026.
- This represents a 141% year-over-year increase.
- These three countries accounted for 194% of Canada’s outbound cross-border stablecoin value.
- Transfers totaled 3.56 million transactions, averaging $663 per transaction.
- Canada-to-Philippines crypto remittances alone reached $61.02 million across 73,564 transactions, up 28% and 34.7% respectively.
- The analysis covered Bitcoin and stablecoins above $10,000 sent to personal wallets.
Remittance-sized cryptocurrency transfers from Canada to India, China, and the Philippines saw a significant surge of 141% year-over-year, reaching $2.36 billion in the 12 months ending June 2026, according to a new report by Chainalysis. These three major remittance corridors accounted for 194% of Canada’s outbound cross-border stablecoin value, indicating a substantial shift towards digital assets for cross-border payments.
The analysis, which focused on Bitcoin and stablecoins exceeding $10,000 sent to personal wallets, revealed a total of 3.56 million transactions during the period, with an average transaction value of $663.
Specifically, crypto remittances from Canada to the Philippines alone amounted to $61.02 million across 73,564 transactions, marking a 28% increase in value and a 34.7% increase in transaction count. Chainalysis head of research Eric Jardine provided this additional data.
Chainalysis ranked Canada as the leading P2P crypto economy among G7 nations. Factors contributing to this adoption include Canada's large foreign-born population, which constitutes about 23% of the total population, and the cost associated with traditional remittance services. Morva Rohani, executive director of the Canadian Web3 Council, noted that remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily utilized.
Stablecoins have gained traction in Canada's remittance corridors, representing 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%, the report highlights that blockchain settlement fees do not encompass currency conversion and cash-out expenses.
Chainalysis also observed a correlation between Canada's domestic P2P activity and changes in its temporary visa-holder population since mid-2021, though the firm cautioned this was correlational, not causal. Jardine emphasized that the analysis includes larger transfers to capture the full remittance value.