Chainalysis: Canada’s cryptocurrency remittances to three Asian countries surged by 141% to 2.36 billion USD

According to a report by Cointelegraph, a recent report from Chainalysis indicates that remittances from Canada to India, China, and the Philippines have surged by 141% year-on-year, reaching $2.36 billion, with digital asset payments continuing to expand in these three major remittance corridors.

In the 12 months ending June 2026, there were a total of 3.56 million related transactions, with an average amount of $663 per transaction. Chainalysis noted that these three countries accounted for an increase in the proportion of Canada's cross-border stablecoin outflows from 10.9% the previous year to 19.4%.

Eric Jardine, research director at Chainalysis, cited additional data provided to Cointelegraph, stating that crypto remittances from Canada to the Philippines alone reached $61.02 million, involving 73,564 transactions, representing year-on-year growth of 28% and 34.7%, respectively.

The analysis counted Bitcoin and stablecoins that circulated between personal wallets with amounts exceeding $10,000. Chainalysis listed Canada as the largest peer-to-peer (P2P) crypto economy among the G7 countries and believes that the large overseas-born population and the high costs of traditional remittance services are potential driving factors for its increasing adoption.

Morva Rohani, executive director of the Canadian Web3 Council, stated in the report that about 23% of Canada's population is born overseas, 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 trading volume, up from 30% a year ago.