Canada has been named the leading peer-to-peer (P2P) crypto economy among Group of 7 (G7) nations — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — by blockchain analytics firm Chainalysis in its 2026 North America crypto adoption report. The ranking reflects a sharp rise in remittance-sized transfers from Canada to India, China, and the Philippines, which climbed 141% year-over-year to $2.36 billion between July 2025 and June 2026.

The findings carry particular significance for the millions of Canadians who send funds to family members overseas — a demographic that has increasingly turned to routing payments through cryptocurrencies rather than banks and traditional wire services.

Why Canada leads the G7 on peer-to-peer crypto

Canada sits atop the G7 rankings for two main reasons: the country has a vast and growing immigrant population, and conventional money transfers have become more expensive. Canada also holds the largest share of foreign-born residents among G7 nations, at roughly 23% of the population.

In 2021 alone, more than 8.3 million people were counted as landed immigrants or permanent residents, according to Statistics Canada — the largest proportion in the nation since Confederation.

"Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used," Morva Rohani, executive director of the Canadian Web3 Council, said in the report.

Inside the India, China and Philippines corridors

India, China, and the Philippines collectively received around $2.36 billion across approximately 3.56 million transactions, an average of $663 per transfer. Transfers from Canada to the Philippines peaked at $61.04 million across 73,564 transactions, marking a 28% increase in value and a 34.7% rise in the number of transactions.

The report covered P2P transfers in Bitcoin and stablecoins above the $10,000 mark. Eric Jardine, head of research at Chainalysis, said the firm made a conscious effort to exclude the smallest payments to avoid "omitting real remittance value."

Stablecoins gain ground on the order book

Dollar-pegged stablecoins — tokens designed to track the value of the US dollar — have taken up a sizeable share of Canadian crypto trading, according to the report. Stablecoins accounted for 44% of Canadian dollar-based order book volume in June, a 30% increase from the previous year.

For remittance senders, the stablecoin trend is closely tied to cost. A World Bank estimate cited in the report puts the average cost of sending money from Canada at 6.7%, though Chainalysis noted that low-cost blockchain settlement fees do not take into account currency conversion and cash-out costs.

Canada's domestic P2P activity has also moved in the same direction as its temporary visa-holder population since mid-2021 although the firm emphasized that the link remains correlational and not causal.

Canada's place in the global picture

Canada's remittance growth is only one piece of a larger stablecoin puzzle. From June 2025 to June 2026, global cross-border stablecoin transactions increased by 77.5% to $220.3 billion.

Canada places in the top ten globally in Chainalysis' 2026 Global Crypto Adoption Index, which ranks countries on service flows, domestic peer-to-peer activity, cross-border flows, and on-chain balances. For readers tracking Canada's trajectory, the report's corridor totals and stablecoin volume shares are the metrics to watch as new data emerges.

Source: Cryptopolitan