Chainalysis: Canada’s crypto remittances to India, China, and the Philippines surge 141% to $2.36 billion

Huo Xing Finance reports, according to Chainalysis’s latest report, cryptocurrency transfers from Canada to India, China, and the Philippines surged 141% year-over-year to $2.36 billion, with digital asset payments continuing to expand across these three major remittance corridors. Over the 12 months ending June 2026, these transfers totaled 3.56 million transactions, with an average amount of $663 per transaction. Chainalysis noted that these three countries now account for 19.4% of Canada’s total cross-border stablecoin outflows, up from 10.9% the previous year. Eric Jardine, Head of Research at Chainalysis, cited additional data provided to Cointelegraph, stating that crypto remittances from Canada to the Philippines alone reached $61.02 million across 73,564 transactions, representing year-over-year increases of 28% and 34.7%, respectively. The analysis includes Bitcoin and stablecoins exceeding $10,000 in value transferred between personal wallets. Chainalysis has identified Canada as the largest peer-to-peer (P2P) crypto economy among G7 nations, attributing its growing adoption to its large immigrant population and the relatively high cost of traditional remittance services. Morva Rohani, Executive Director of the Canadian Web3 Council, stated in the report that approximately 23% of Canada’s population was born abroad—the highest proportion among G7 countries—resulting in high usage of remittance corridors to India, the Philippines, Nigeria, Pakistan, and China. The report also found that stablecoins accounted for 44% of CAD-denominated order book volume in June, up from 30% a year earlier.