Crypto remittances from Canada to Asian countries reach nearly $2.4 billion

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Crypto remittances from Canada to Asian countries

Why Canadians are choosing cryptocurrency remittances

Chainalysis ranked Canada as the largest P2P crypto economy among the Group of Seven (G7) countries. Analysts believe that one factor driving this market is the country's large immigrant population, whose members regularly send money to relatives abroad.

According to Morva Rohani, Executive Director of the Canadian Web3 Council, about 23% of Canada's population was born outside the country. This is the highest share among G7 nations. Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are particularly active.

Traditional international money transfers remain relatively expensive. According to World Bank estimates, the average cost of sending money from Canada is 6.7% of the transaction amount. Stablecoins enable transfers with low blockchain network fees, although users must also account for currency conversion and withdrawal costs.

Against this backdrop, stablecoin usage is also increasing within Canada's cryptocurrency market. In June 2026, stablecoins accounted for 44% of order book volume in cryptocurrency trading pairs involving the Canadian dollar, compared with 30% a year earlier.

Immigration influences cryptocurrency activity

Chainalysis researchers also identified a correlation between P2P activity and changes in Canada's temporary resident population. Since mid-2021, domestic cryptocurrency transfer activity has generally followed changes in the size of this population group.

However, analysts emphasize that this is only a statistical correlation. The findings do not prove that immigration itself caused the increase in cryptocurrency transactions.

Eric Jardine, Head of Research at Chainalysis, also explained that the company does not limit its analysis to small transfers. According to him, this approach captures a broader range of actual remittance activity without excluding larger transactions that may also be related to personal financial needs.

Which stablecoins are in the highest demand?

USDT, issued by Tether, remains the largest stablecoin. According to DefiLlama data for October 2026, its market capitalization stands at approximately $184 billion, representing around 60% of the total stablecoin market. USDC, issued by Circle, ranks second with a market capitalization of about $73 billion. Both tokens are pegged to the U.S. dollar and are widely used for cryptocurrency trading, international transfers, and holding funds. Together, they account for more than 80% of the market.

Other major stablecoins include USDS, with a market capitalization of approximately $7 billion, Ethena's USDe at $4.8 billion, and DAI at $4.7 billion. Traditional financial companies are also gradually entering the market. For example, PayPal is developing its own stablecoin, PYUSD, which has reached a market capitalization of approximately $2.8 billion. Ripple has also launched its dollar-pegged token, RLUSD, with a market capitalization of about $2.5 billion.

As a reminder, cryptocurrency remittance volume in South Korea increased by 380% over three years.

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