🚨 PSA: We continue to receive reports of third parties impersonating Chainalysis on various platforms. These scammers often use similar tactics and offer everything from help recovering lost funds to fake jobs usually in exchange for information or a fee. Our team works hard to detect and take these scams and impersonations down as soon as they are discovered, however if you get any of these messages, or believe you may be the victim of a scam, contact local law enforcement. You can also let us know via [email protected] so we can continue to track and manage these scams proactively. 𝐖𝐞 𝐰𝐢𝐥𝐥 𝐍𝐄𝐕𝐄𝐑 𝐫𝐞𝐚𝐜𝐡 𝐨𝐮𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐅𝐈𝐑𝐒𝐓. We also won’t: 💰Ask you for funds 💸Promise you recovery of lost funds from scams or hacks 📋Offer you a job in exchange for any type of “fee” 💻Ask you to provide your information via a link on text, messaging services or unverified email 📵Send you unsolicited phone calls, emails, WhatsApp, Signal, Telegram or text/SMS 🔗Reminder: Chainalysis primarily provides its products and services to public and private sector businesses, and does not engage in investigation assistance for individual victims We have more tips you can use to verify if the contact is legitimate on our website: chainalysis.com/scams

Nearly one in five dollars of cross-border stablecoin value leaving Canada now goes to India, the Philippines and China. Meanwhile, AI agents are paying pennies for services, led by the US. See how the two fit together.

Canada's peer-to-peer crypto activity rises and falls with one population: temporary visa holders. We tracked study permit holders from India, China, and the Philippines since mid-2021. Three of Canada's busiest remittance corridors. As that group grew, P2P volume grew with it. Monthly transactions peaked near 650k in spring 2024. Then policy changes cut permits. Issuance fell by more than half and P2P volume followed. The link is associational, not causal. But it held in both directions.

Canadians are sending more money abroad on crypto rails, ranking first for cross-border flows in our big money index. Stablecoin and bitcoin transfers from Canada to India, the Philippines and China rose 141% YoY to $2.36B. Nearly one in five dollars of Canada's outbound cross-border stablecoin value now goes to those three countries. The average remittance size was $663. The World Bank puts the average cost of sending money from Canada near 6.7%, with banks above 7%. A stablecoin transfer settles for a cent or less, which makes using those rails for regular payments a much cheaper option.

On April 1, 2026, the Drift exploiter sent funds from five exploit wallets into a stopover wallet across 13 transactions. The wallet then sat dormant until today. Today, $61.5M moved from that wallet into Tornado Cash in 100 ETH tranches. We are continuing to monitor the situation.

The global crypto economy shrank 1.6% in the year to June 2026. The US's shrank 2.2%. Canada's grew 2.3%, to $247.7 billion. Canada is far smaller than its southern neighbor, but it is the second largest country in our big money index and ranks 10th of 117 in our grassroots adoption index.

Stablecoins are now the largest share of Canadian dollar crypto order book volume. 44% in June 2026, up from 30% a year earlier and ahead of store of value assets at 29%. ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 dominates the stablecoin share. Overall, Canada's crypto economy grew 2.3% in the year to June 2026. Underneath it is everyday use: the strongest peer-to-peer economy in the G7.

Private credit is hard to sell. Tokenization can give holders a way to borrow against it. The number of wallets lending tokenized private credit grew 1,618% in the 2026 reporting period. The number lending tokenized Treasuries fell 23%. Treasury holders already have established financing routes. For illiquid private credit, using tokenized positions as collateral offers a way to access cash without selling. Tokenization adds value when it makes hard-to-sell assets usable as collateral.

Tokenization is widening the overseas market for US government debt. In our 2026 data, Italy, Portugal, and Singapore hold 66.9% of geolocated tokenized Treasury values. The US: 10.5%. Tokenization lowers minimum position size and removes the need for a US brokerage relationship, giving overseas investors another route to US government debt.

Tokenized real-world assets grew 135% to $36.07B in the period ending Q2 2026. Tokenized corporate credit grew 3,156%. Private equity grew 1,340%. US Treasuries grew 125%. Of the three, Treasuries added the most in dollar terms: $8.56B, reaching $15.42B. The market is diversifying around US government debt, not away from it.

The US leads in AI agent payments on x402. Building agentic software takes three kinds of inputs: a model to think with, tools to act with, and data to work from. on x402, American wallets account for 88.1% of the payments to AI models that we can geolocate. 41.8% of payments to agent frameworks and tool catalogs. 23.2% of payments to data and search APIs. The US also holds a 30% share of all the agent-to-service transactions we can geolocate, more than any other country.

One of the biggest victims of the Ledger theft was a scammer themselves. They lost more than 60BTC, about $4.8M. The funds were from a task scam. In this task scam, people were paid to fake sales and reviews of real items. Then a "negative balance" appeared, and they were told to add their own money in order to get paid. On Sep 22, the person behind the scam moved the proceeds into three separate Ledger addresses. On Oct 9, thieves emptied all three. One transfer each, into the same wallet. The wallet is reported as stolen funds.