According to the Chainalysis 2026 North America Crypto Adoption report, stablecoins reached 44% of the Canadian dollar crypto order book volume by June 2026, up from 30% a year prior. USDC remains the dominant stablecoin, while traditional store-of-value assets accounted for 29% of the volume.
Canada's crypto economy grew 2.3% year over year to $247.7 billion by June 2026. Chainalysis attributes this growth largely to peer-to-peer usage, driven by the country's demographic profile where 23% of the population is foreign-born.
Remittance-sized transfers from Canada to countries such as India, China, and the Philippines increased by 141% year over year. These flows totaled $2.36 billion across 3.56 million transactions, with an average transfer size of $663.
Canadian regulators are concerned that demand for US dollar-pegged stablecoins may divert investment from domestic government debt. In response, the government has enacted legislation to facilitate the issuance of CAD-pegged stablecoins to encourage local capital retention.
