Canada is emerging as a major player in peer-to-peer (P2P) cryptocurrency adoption among Group of Seven (G7) countries as more people turn to digital assets for international money transfers.
According to blockchain analytics firm Chainalysis, remittance-sized crypto transfers from Canada to India, China and the Philippines reached $2.36 billion between July 2025 and June 2026, marking a 141% increase from the previous year.
The growth highlights how cryptocurrencies are becoming an alternative payment option for Canadians who regularly send money to family members overseas. With traditional remittance services often charging high fees, digital assets offer another way to transfer funds across borders.
Canada’s large immigrant population is a key factor behind this trend. Approximately 23% of the country’s residents are foreign-born, creating strong financial connections with countries across Asia and other regions.
Asian Remittances Drive Stablecoin Adoption
India, China and the Philippines collectively received approximately $2.36 billion through 3.56 million crypto transfers during the period covered by the report. This represents an average of around $663 per transaction.
The Philippines also recorded significant activity, receiving $61.04 million across 73,564 transactions. The value of transfers increased by 28%, while the number of transactions grew by 34.7%.
According to Morva Rohani, executive director of the Canadian Web3 Council, “Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used,” highlighting the importance of these international payment routes.
Stablecoins are also gaining popularity because their value is typically tied to a traditional currency, such as the US dollar. Unlike Bitcoin, they are designed to maintain a relatively stable value, making them potentially more suitable for transferring money
Chainalysis reported that stablecoins accounted for 44% of Canadian dollar-denominated order book volume in June 2026, representing a 30% increase from the previous year.
Global Crypto Payments Continue to Expand
Canada’s growing use of cryptocurrency for remittances reflects a wider global shift toward digital payments. Chainalysis reported that cross-border stablecoin transactions worldwide increased by 77.5% to $220.3 billion between June 2025 and June 2026.
Traditional money transfers remain widely used, but the average cost of sending money from Canada stands at 6.7%, according to World Bank figures cited in the report.
Although blockchain transactions may offer lower settlement costs, users must still consider currency conversion, platform fees and cash-out expenses.
The report examined Bitcoin and stablecoin transfers above $10,000, meaning smaller payments may not be fully represented.
Nevertheless, Canada’s position among the top ten countries in the 2026 Global Crypto Adoption Index highlights its growing role in the digital finance sector.
As international payment needs to increase, cryptocurrencies and stablecoins could become increasingly important alternatives for cross-border transfers.
