Data: US Crypto Economy Shrinks as Canada’s Market Expands in 2026

Figures shared by blockchain analytics firm Chainalysis show that Canada’s crypto economy jumped more than 2% in the year to June 2026.

At the same time, the US economy contracted by an almost similar percentage, with the divergence coming at a time when Canadian traders are moving more toward stablecoins, and dollar-pegged tokens making up a larger portion of order-book volume than assets bought primarily to store value.

Stablecoins Take the Largest Share of Canadian Crypto Trading

According to the firm, Canada’s share of that market grew 2.3% to $247.7 billion, while the US’s dropped by 2.2%. Everyday use appears to be part of the Canadian picture. Chainalysis described the country as having the strongest peer-to-peer crypto economy in the Group of Seven, although the figures shared did not provide a transaction total for that activity.

USDC dominated the stablecoin category, the firm added. Smart contract layer-1 assets made up 17% of the tracked volume, while payment-focused cryptocurrencies accounted for 8%. Meme coins, layer-2 tokens and other assets together represented the remaining 2%.

Dollar Tokens Gain Ground as US Crypto Flows Shift

The Canadian figures come amid a broader geographic split in crypto activity, with Chainalysis finding that the US had become a net importer of Bitcoin in 2026 for the first time since 2022, while dollar-backed stablecoins continued to flow abroad.

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“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 report found that transfers below $10,000 remained net outbound from the US, while larger transactions moved in the opposite direction. Transfers worth more than $10 million accounted for 53,200 BTC flowing into the country.

Chainalysis also reported that 99.1% of global stablecoin order-book volume was tied to the US dollar. Its figures for tokenized real-world assets provide further context, with the market growing 135% to $36.07 billion in the period ending in the second quarter of 2026, and tokenized US Treasuries reaching $15.42 billion.