Canada P2P crypto activity falls from 650,000 peak as student numbers drop

Canada’s monthly peer-to-peer crypto activity has fallen from a spring 2024 peak near 650,000 transactions alongside a decline in study permits, a pattern Chainalysis has linked to changes in the country’s international student population. The study describes a population-level correlation, without establishing that international students caused the transaction decline. Government figures show 71% fewer new student arrivals in January–August 2026 than two years earlier. Payment providers report lower transfer costs, but local currency conversion remains a separate operational challenge. Philippine bank BPI has tested stablecoin settlement for overseas earnings paid into customers’ bank accounts. Chainalysis reported the relationship in its Oct. 14 North America study, comparing domestic crypto transfers with study permit data for people from India, China and the Philippines.

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