Canada’s Crypto Remittances to Asia Experience Significant Growth
- Remittance-sized crypto transfers from Canada to India, China, and the Philippines surged 141% year-over-year, reaching $2.36 billion.
- The three countries accounted for 194% of Canada’s outbound cross-border stablecoin value, up from 10.9% the previous year.
- There were a total of 3.56 million transactions, averaging $663 per transaction in the year ending June.
- Canada-to-Philippines crypto remittances alone reached $61.02 million, with an increase of 28%.
- Stablecoins made up 44% of Canadian dollar-based order book volume in June, up from 30% a year prior.
The report highlights that Canada’s large foreign-born population and high costs of traditional remittance services are driving this growth in digital asset payments across major corridors like India and the Philippines.
Overall, Canada’s crypto remittances have shown remarkable growth, with transfers to Asia totaling $2.36 billion and stablecoins gaining significant traction in the market.(Source)
