World

Based

Canada has been named as the foremost peer-to-peer crypto economy amongst the Group of 7 nations by blockchain analytics firm Chainalysis.&nbsp;
This comes in light of an increase in&nbsp;<a href="https://www.cryptopolitan.com/coinbase-el-salvador-remittance-app/" rel="noopener noreferrer nofollow">remittance-sized transfers</a> from Canada to India, China, and the Philippines.&nbsp;Those transfers went up by 141% year-over-year to $2.36 billion from July 2025 to June 2026.
The report is of particular importance to the millions of Canadians who send funds to family members overseas. This is a demographic that has turned to routing payments using cryptocurrencies as opposed to banks and wire services.
<h3 id="span-style-font-weight-400-why-canada-leads-the-g7-on-peer-to-peer-crypto-span">Why Canada leads the G7 on peer-to-peer crypto</h3>
Canada sits on top for two<a href="https://www.chainalysis.com/blog/2026-global-crypto-adoption-index/" rel="noopener noreferrer nofollow">main reasons</a>: the country has a vast and growing immigrant population and conventional money transfers have become more expensive. It also has the largest share of foreign-born residents (~23%) among the G7 nations.
In 2021 alone, over 8.3 million people were<a href="https://www.statcan.gc.ca/o1/en/node/2071" rel="noopener noreferrer nofollow">regarded</a> as landed immigrants or permanent residents, the largest proportion in the nation since Confederation.
<figure style="width: 100%" class="wp-caption alignnone"><img src="https://www.cryptopolitan.com/wp-content/uploads/2026/10/g221026a001-eng.webp" alt="Canada leads the G7 in peer-to-peer crypto as Asia remittances jump 141%" width="675" height="611">
 <figcaption>
 Nearly one in four people in Canada are immigrants, the highest proportion of the population in more than 150 years.
 </figcaption>
</figure>
“Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used,” Morva Rohani, executive director of the Canadian Web3 Council, said in the<a href="https://www.chainalysis.com/blog/north-america-crypto-adoption-2026/" rel="noopener noreferrer nofollow">report.</a>
<h3 id="span-style-font-weight-400-inside-the-india-china-and-philippines-corridors-span">Inside the India, China and Philippines corridors</h3>
India, China and the Philippines<a href="https://www.chainalysis.com/blog/north-america-crypto-adoption-2026/" rel="noopener noreferrer nofollow">received</a> around $2.36 billion in transfers in approximately 3.56 million transactions. That is an average of $663 per transfer.Transfers from Canada to the Philippines peaked at $61.04 million across 73,564 transactions, a 28% increase in value and a 34.7% increase in the number of transactions.
The report covered P2P transfers in Bitcoin and stablecoins above the $10,000 mark. Head of research, Eric Jardine, stated that the firm made a conscious effort to ignore the smallest payments to avoid “omitting real remittance value.”
<h3 id="span-style-font-weight-400-stablecoins-gain-on-the-order-book-span">Stablecoins gain on the order book</h3>
Based on<a href="https://www.chainalysis.com/blog/north-america-crypto-adoption-2026/" rel="noopener noreferrer nofollow">the report</a>, dollar-pegged stablecoins have taken up a sizeable chunk of Canadian crypto trading. Stablecoins accounted for 44% of Canadian dollar-based order book volume in June, a 30% increase from the previous year.
Based on a World Bank estimate cited in the report, sending money from Canada costs an average of 6.7%, though the firm stated that low-cost blockchain settlement fees do not take into account currency conversion and cash-out costs.
Also, Canada’s domestic P2P activity has gone in the same direction as its temporary visa-holder population since mid-2021, even though the link remains correlational and not causal.
<h3 id="span-style-font-weight-400-canada-s-place-in-the-global-picture-span">Canada’s place in the global picture</h3>
Canada’s increase in <a href="https://www.cryptopolitan.com/tether-lemfi-cross-border-payments/" rel="noopener noreferrer nofollow">remittances</a> is only one piece of a larger stablecoin puzzle. From June 2025 to June 2026, Global cross-border stablecoin transactions increased by 77.5% to $220.3 billion.
Canada sits in the top ten globally in the firm’s 2026 Global Crypto Adoption Index. The index ranks countries on service flows, domestic peer-to-peer activity, cross-border flows, and on-chain balances.
The smartest crypto minds already read our newsletter. Want in? <a href="https://www.cryptopolitan.com/newsletters/?utm_source=cp&amp;utm_medium=web&amp;utm_campaign=inlineAds" rel="noopener noreferrer nofollow">Join them</a>.

Canada tops the G7 in peer-to-peer crypto as remittances to Asia hit $2.36B

Table of Contents

Cryptopolitan_News

Other articles published on Oct 14, 2026

Join our free newsletter for daily crypto updates!