Chainalysis data show U.S. dollar-backed USDC led stablecoin trading against the Canadian dollar in June, as stablecoins took 44% of volume in those crypto pairs ahead of new regulations.
The share rose from 30% in June 2025. Trading in Canadian dollar-pegged stablecoins was minimal on the measured order books. Bitcoin (BTC) and other assets classified as stores of value trailed stablecoins in the same trading data.
The 44% figure covers trades in crypto pairs priced in Canadian dollars. It does not measure stablecoins’ share of Canada’s entire crypto market or USDC’s portion of those order books.
Across the broader market, Chainalysis estimated $247.7 billion in Canadian crypto activity from July 2025 through June 2026, up 2.3% from the preceding 12 months. Its estimate for U.S. activity fell 2.2% over the same period. Those annual measures cover more than the June snapshot of Canadian-dollar trading.
In Chainalysis’s rankings of crypto transfers directly between users, Canada led the Group of Seven. For transfers it classified as remittance-sized, the firm counted $2.36 billion sent from Canada to India, China and the Philippines during the 12-month period, a 141% increase. That total combines stablecoins and Bitcoin; it is not a stablecoin-only figure. Chainalysis identified cross-border payment costs and Canada’s immigrant population as possible contributors to the transfer activity, without establishing a cause.
Chainalysis cited Morva Rohani, executive director of the Canadian Web3 Council, as saying purchases of U.S. dollar stablecoins can support demand for the U.S. government debt backing them, potentially at the expense of demand for Canadian debt. That was Rohani’s assessment, rather than a measured shift in bond purchases.
Canada’s Stablecoin Act has received royal assent, according to the Department of Finance Canada. The department is developing regulations for domestic and foreign non-financial issuers of fiat-backed stablecoins. It plans to publish draft rules for consultation and projects that the framework will come into force in 2027.
