Canada's Crypto Remittances to India, China, and the Philippines Surge 141% to $2.36 Billion

A recent report by Chainalysis shows that Canada's crypto remittances to India, China, and the Philippines surged by 141% year-on-year, reaching $2.36 billion, as digital asset payments continue to expand in these three major remittance corridors. In the 12 months ending June 2026, there were a total of 3.56 million related transfers, with an average transaction amount of $663. These three countries accounted for 19.4% of Canada's total outflow of stablecoins, up from 10.9% the previous year. Crypto remittances from Canada to the Philippines alone reached $61.02 million, involving 73,564 transactions, representing year-on-year increases of 28% and 34.7%, respectively. The analysis counted Bitcoin and stablecoins that circulated between personal wallets with amounts exceeding $10,000. Chainalysis ranks Canada as the largest peer-to-peer crypto economy among the G7 countries, attributing the rise in adoption to a large overseas-born population and the high costs of traditional remittance services. Approximately 23% of Canada's population is born abroad, the highest proportion among the G7, with frequent use of remittance corridors to India, the Philippines, Nigeria, Pakistan, and China. The report also found that in June, stablecoins accounted for 44% of the Canadian dollar-denominated order book transaction volume, up from 30% a year earlier.

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