Chainalysis ranked Canada as the strongest peer-to-peer (P2P) crypto economy among G7 nations, pointing to its large foreign-born population and the cost of traditional remittance services as potential adoption drivers.
Source: Chainalysis
Stablecoins gain ground in Canada’s remittance corridors
About 23% of Canada’s population is foreign-born, the highest share in the G7, according to Morva Rohani, executive director of the Canadian Web3 Council.
“Remittance corridors to India, the Philippines, Nigeria, Pakistan, and China are heavily used,” Rohani said in the report.
Stablecoins accounted for 44% of Canadian dollar-based order book volume in June, up from 30% a year earlier, the report found. Chainalysis cited World Bank estimates putting the average cost of sending money from Canada at 6.7%, although low blockchain settlement fees do not account for currency conversion and cash-out costs.
The report also found that Canada’s domestic P2P activity tracked changes in its temporary visa-holder population since mid-2021, although Chainalysis cautioned that the relationship was correlational rather than causal. Jardine told Cointelegraph that the firm does not limit its analysis to the smallest transfers to avoid “omitting real remittance value.”
Previous Chainalysis research found global cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June.
