Crypto transfers from Canada to India, China, and the Philippines rose 141% year-on-year to $2.36 billion in the 12 months through June 2026, blockchain analytics firm Chainalysis said, as digital assets gained further traction in cross-border payments over the period.

The three corridors together accounted for 19.4% of Canada's outbound cross-border stablecoin value, up from 10.9% a year earlier, according to the report. The transfers totalled 3.56 million transactions, with an average value of $663 per transaction — a scale in line with the personal, household-sized payments these corridors typically carry.

Data on individual corridors provided further detail. Additional Chainalysis figures showed that crypto transfers from Canada to the Philippines alone reached $61.02 million across 73,564 transactions, rising 28% in value and 34.7% in transaction count.

Chainalysis ranked Canada as the strongest peer-to-peer (P2P) crypto economy among Group of Seven (G7) nations, citing the country's large immigrant population and the cost of traditional remittance services as potential drivers of adoption. The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

About 23% of Canada's population was born abroad — roughly one in four residents — the highest proportion among G7 countries, according to the Canadian Web3 Council, an industry organisation. The organisation said remittance corridors linking Canada with India, the Philippines, Nigeria, Pakistan, and China were heavily used. India and the Philippines also rank among the world's largest recipients of remittances by value, according to World Bank data, making money sent from abroad a regular source of household income in both countries.

Stablecoins, cryptocurrencies designed to track the value of fiat currencies such as the US dollar, accounted for 44% of Canadian dollar-based order book volume in June 2026, up from 30% a year earlier, Chainalysis found. The firm also cited World Bank estimates that sending money from Canada costs an average of 6.7%.

The report noted that while blockchain transfers can reduce settlement costs, currency conversion and cash-out fees remain additional expenses for users, meaning the total cost to a sender depends on more than on-chain settlement alone.

The findings highlight the growing role of crypto in international payments, particularly among populations with regular cross-border financial obligations. However, the figures measure crypto transfers rather than the total remittance market, and they do not establish how much activity has shifted from traditional payment providers. Subsequent Chainalysis geographic reporting, along with how Canadian authorities approach stablecoin regulation, are among the developments that could clarify whether these corridors continue to gain share.