Canada crypto remittances to Asian countries surge 141% to $2.36B: Chainalysis
Remittance-sized crypto transfers from Canada to three Asian countries reached $2.36 billion, while transfers to the Philippines alone rose 28% to $61 million.
Canada's cryptocurrency remittances to Asian countries surged 141% in the past year, reaching $2.36 billion. The majority of these transfers went to the Philippines, which saw a 28% increase in crypto remittances to $61 million from 73,564 transactions. This marked a dramatic rise from 10.9% of Canada's outbound cross-border stablecoin value a year ago, now accounting for 194%.
Stablecoins made up 44% of Canadian dollar-based order book volume in June, up from 30% a year earlier. Chainalysis reports Canada as having the strongest peer-to-peer crypto economy among G7 nations, noting its large foreign-born population, standing at 23%, and the high cost of traditional remittance services as key drivers for adoption.
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