Stablecoins Reach 44% of Canadian Dollar Crypto Trading, Led by USDC

Stablecoins accounted for 44% of trading volume on Canadian dollar-denominated crypto order books in June 2026, up from 30% a year earlier, as U.S. dollar-backed tokens gained ground in Canada.

USDC, a U.S. dollar-backed stablecoin, led the stablecoin category. Tokens pegged to the Canadian dollar drew little trading. Stablecoins made up the largest asset category on those order books, ahead of store-of-value assets such as Bitcoin (BTC).

The 44% figure measures volume in crypto trading pairs priced in Canadian dollars. It does not represent stablecoins’ share of all crypto transactions in Canada or USDC’s share of the order books. The year-over-year change shows a shift in the mix of assets traded against the Canadian dollar.

Canada’s broader crypto activity grew 2.3% to $247.7 billion from July 2025 through June 2026. Over the same period, U.S. crypto activity fell 2.2%. Those growth rates measure total crypto activity over 12 months, rather than the composition of Canadian dollar trading in June.

Canada also ranked first among Group of Seven (G7) countries for peer-to-peer crypto activity, which involves transfers directly between users. Remittance-sized transfers of stablecoins and Bitcoin from Canada to India, China and the Philippines totaled $2.36 billion during the 12-month period, up 141% from a year earlier. That total combines both assets and covers only those three destinations.

The preference for U.S. dollar-backed stablecoins has a policy dimension for Canada: buying those tokens can create demand for U.S. government debt held as backing instead of Canadian government debt. Meanwhile, Canadian dollar-backed stablecoins have attracted little trading on the order books measured here.

Canada’s Stablecoin Act has received royal assent, and implementing regulations are being drafted. The government expects the framework to take effect in 2027.