Chainalysis Reports Surge in Stablecoin Usage in Canada, Led by USDC

According to a new report from Chainalysis, stablecoins have significantly increased their share of the Canadian dollar crypto trading volume, reaching 44% by June 2026, compared to just 30% the previous year. This growth is largely attributed to USDC, a stablecoin pegged to the US dollar, which has dominated the market.

The findings are part of Chainalysis's 2026 North America Crypto Adoption report, which highlights a notable shift in Canadian cryptocurrency usage. Traditional store-of-value assets have fallen to 29% of the CAD order book volume as stablecoins gain traction.

Canada's overall crypto economy has also shown resilience, growing by 2.3% year-over-year to reach $247.7 billion, even as the broader North American market experienced a slight decline. A significant driver of this growth is the increase in remittance transactions, which have surged by 141% year-over-year, totaling $2.36 billion across 3.56 million transactions.

The report points out that the high costs associated with traditional remittance channels have prompted many Canadians, particularly foreign-born residents, to turn to cryptocurrency for sending money abroad. The Philippines corridor alone accounted for approximately $61 million in remittances.

However, the rise of US dollar stablecoins raises concerns for Canadian regulators, as it could divert investment away from Canadian government debt. In response, Canada has enacted legislation to facilitate the issuance of CAD-pegged stablecoins to enhance its competitive position in the crypto space.

Overall, the data suggests that Canadian crypto demand is increasingly focused on utility, with a growing emphasis on payments and transfers rather than speculative trading.

New Developments in Euro Stablecoin Market

• Circle’s euro stablecoin, EURC, has increased its market cap by $4.8 million in the past week, reaching $497.12 million as of October 19, 2026.
• EURC's supply rose by 8.8% in the month leading up to October 15, 2026, totaling €441 million.
• The token has grown over 10 times since its launch under MiCA two years ago.
• EURC commands approximately 60% of the euro stablecoin market, which is valued between $760 million and $810 million.
• Circle launched EURC in 2022, and each token is backed 1:1 by euros held in reserve.
• EURC is regulated by France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and operates on multiple blockchains, including Ethereum, Solana, and Base.
• Partnerships with VisaNet and Thunes enhance EURC's use in payments, foreign exchange, and treasury operations.
• Competition includes Société Générale’s EURCV, another MiCA-compliant euro stablecoin.

New Insights on Stablecoin Usage in Cardano

As of October 18, 2023, the total stablecoin supply on Cardano has reached approximately $70.2 million, marking a 31% increase over the past 30 days.

USDC dominates this market, accounting for around 63.5% of the total stablecoin supply, which translates to about $44.5 million.

Other contributors include Moneta's USDM at approximately $13.5 million, while RealFi USDrf and Anzens USDA make up smaller portions.

This growth in stablecoin supply is crucial for enhancing liquidity in Cardano's decentralized finance ecosystem, although it remains to be seen if this increase translates into higher transactional activity.

New Developments in Stablecoin Usage

• Falcon Finance’s USDf experienced a significant market cap increase of $64.6 million during the week ending October 19, 2026.
• This growth surpassed the combined increases of Open Standard’s OUSD ($36.1 million) and United Stables ($23.3 million).
• USDf's circulating supply ranged between approximately $1.72 billion and $1.83 billion in mid-to-late October 2026.
• In early October 2026, USDf achieved a single-day increase of +$74.4 million.
• Falcon can mint USDf against various assets, including other stablecoins and real-world assets.
• Falcon launched in early 2025 and quickly reached top-15 status by market cap, supported by DWF Labs.
• Open Standard’s OUSD stablecoin launched on September 30, 2026, with backing from major companies like Coinbase, Mastercard, Stripe, and Visa.