Canada’s Crypto Market Gains Ground
According to Chainalysis, Canada’s share of the crypto market grew 2.3% to $247.7 billion, while the US share fell 2.2%. The figures indicate that Canada remains an important market even as cryptocurrency activity changes shape in North America.
Everyday use appears to be an important part of the Canadian market. Chainalysis described Canada as having the strongest peer-to-peer crypto economy among the Group of Seven countries. However, the figures released with the report did not provide a transaction total for that activity, limiting the extent to which its scale can be quantified.
Stablecoins Reshape Canadian Trading
The composition of Canadian crypto trading changed significantly in June 2026. Stablecoins accounted for 44% of crypto order-book volume, up from 30% a year earlier. They were followed by store-of-value assets, which represented 29% of the tracked volume.
USDC dominated the stablecoin category, according to Chainalysis. Other asset groups made up smaller portions of Canadian activity: smart contract layer-1 assets represented 17% of tracked volume, payment-focused cryptocurrencies accounted for 8%, and meme coins, layer-2 tokens and other assets collectively made up the remaining 2%.
Dollar-Backed Tokens Gain as US Crypto Flows Shift
Canada’s figures came amid a broader geographic shift in cryptocurrency activity. Chainalysis found that the US had become a net importer of Bitcoin in 2026 for the first time since 2022, while dollar-backed stablecoins continued to move abroad.
Chainalysis linked the pattern to differences in access to dollar banking: “Stablecoins let users hold dollars without having a US bank account. US users generally have easier access to dollar banking, making that benefit less pressing at home,” it explained.
The direction of US transfers also varied by transaction size. Transfers below $10,000 remained net outbound, while larger transactions moved in the opposite direction. Transactions worth more than $10 million accounted for 53,200 BTC flowing into the country.
Stablecoins Dominate the Global Order Book
Chainalysis reported that 99.1% of global stablecoin order-book volume was tied to the US dollar. That concentration reflects the dollar-backed nature of most stablecoin activity and places the currency at the center of the market’s international trading structure.
The firm’s tokenized real-world asset figures provide additional context. The market grew 135% to $36.07 billion in the period ending in the second quarter of 2026. Tokenized US Treasuries reached $15.42 billion during the same reporting period.
Why This Matters
Canada’s rising stablecoin share shows how the country’s broader crypto activity is moving beyond conventional store-of-value assets toward tokens designed for transactions and payments. The increase from 30% to 44% of order-book volume in one year is the clearest measure of that shift, although the report does not provide a transaction total for peer-to-peer activity or a complete breakdown of USDC’s share within the stablecoin category.
The US data adds a cross-border dimension. The reversal into net Bitcoin imports, combined with continued outward flows of dollar-backed stablecoins, indicates that US crypto users are sending more digital assets abroad even as large transfers move Bitcoin into the country. At the same time, the 99.1% dollar share of global stablecoin order-book volume and the rapid expansion of tokenized real-world assets show that the dollar remains central to the next phase of crypto trading and tokenization.
Frequently Asked Questions
What share of Canadian crypto trading came from stablecoins?
Stablecoins accounted for 44% of Canadian crypto order-book volume in June 2026, compared with 30% a year earlier. Store-of-value assets represented 29%, smart contract layer-1 assets 17%, payment-focused cryptocurrencies 8%, and meme coins, layer-2 tokens and other assets 2% combined. USDC led the stablecoin category.
Why did the US become a net importer of Bitcoin?
Chainalysis found that the US had become a net Bitcoin importer in 2026 for the first time since 2022. The shift was driven by larger transactions moving in the opposite direction from smaller transfers: transactions below $10,000 remained net outbound, while transfers worth more than $10 million brought 53,200 BTC into the country.
How large was the tokenized real-world asset market?
The tokenized real-world asset market grew 135% to $36.07 billion in the period ending in the second quarter of 2026. Tokenized US Treasuries reached $15.42 billion during that period.
