Remittance-sized cryptocurrency transfers from Canada to India, China and the Philippines surged 141% year-over-year to $2.36 billion, according to a new report from blockchain analytics firm Chainalysis, as digital asset payments expanded across the three major remittance corridors — the country-to-country routes along which diaspora communities send money home.

The three countries accounted for 19.4% 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.

Additional data shared with Cointelegraph showed that Canada-to-Philippines crypto remittances alone reached $61.02 million across 73,564 transactions, up 28% in value and 34.7% in transaction count, according to Eric Jardine, head of research at Chainalysis. The analysis covers Bitcoin and stablecoin transfers 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. In this context, peer-to-peer activity means users transacting directly with one another, with no centralized intermediary standing between sender and recipient.

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 — cryptocurrencies designed to hold a steady value, typically through a peg to a fiat currency such as the US dollar — accounted for 44% of Canadian dollar-based order book volume in June, up from 30% a year earlier, the report found. Cross-border money transfers through traditional channels such as banks and money transfer operators are widely used by diaspora communities to support family members abroad, and Chainalysis cited World Bank estimates putting the average cost of sending money from Canada at 6.7%, although it noted that low blockchain settlement fees do not account for currency conversion and cash-out costs. For scale, the United Nations' Sustainable Development Goals call for the global average cost of sending remittances to fall below 3% by 2030.

The report also found that Canada's domestic P2P activity has tracked changes in its temporary visa-holder population since mid-2021, although Chainalysis cautioned that the relationship is correlational rather than causal. Jardine told Cointelegraph that the firm does not limit its analysis to the smallest transfers, in order to avoid "omitting real remittance value."

The findings follow previous Chainalysis research, which found that global cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June. Whether the three corridors' 19.4% share of Canada's outbound stablecoin value continues to rise is something future editions of Chainalysis's geographic research will be able to show.

Source: Cointelegraph