Monthly peer-to-peer crypto transactions in Canada have slipped from a spring 2024 high of nearly 650,000, a shift that coincides with a slowdown in international student arrivals. Chainalysis noted the trend aligns with changes in the country’s foreign student population, though it described the link as associational rather than causal. Government data show 71% fewer new student permits issued between January and August 2026 compared with the same period in 2024. The decline follows a cap on study permits introduced in 2024 and projected reductions for 2025 and 2026, with a target of 155,000 new arrivals for the current year. At the same time, the number of active study permits fell from 1,032,950 in June 2024 to 602,115 by the end of August 2026, a drop of roughly 41.7%. Chainalysis matched these permit trends against domestic P2P transaction volumes, finding that both series rose together through mid-2021 and then moved in tandem during periods of growth and contraction. The firm highlighted that immigrants often maintain financial connections abroad and may seek lower‑cost methods for moving money. The analysis did not identify specific students who used crypto or pinpoint a single alternative service for those who stopped making domestic transfers. Separate research examined the cost of moving funds through stablecoin‑funded remittance platforms. Borderless.xyz reported a median fee of 1% for third‑quarter 2026 transfers, compared with a World Bank average of 6.36% for the third quarter of 2025. Applied to a $200 payment, the two rates yield fees of $2 and $12.72 respectively. The figures reflect different reporting periods and use a median versus an average. The study also noted varying completion rates across destinations, ranging from 73% in Costa Rica to 98.6% in Mexico, based on the company’s payment sample. Local currency payouts require additional steps after tokens arrive. Gravity Team CEO Mārtiņš Beņķītis explained that conversion and payout remain constraints even when stablecoins are used to fund transfers. He noted that correspondent banking often leaves 20% to 40% of monthly flows pre‑funded in local accounts, and that stablecoins can reduce that idle capital when operators maintain funded balances. Beņķītis cautioned that successful blockchain settlement does not finish every stage of a remittance. In the Philippines, BPI tested stablecoin settlement for overseas earnings paid to customers’ bank accounts. The pilot, conducted with digital clearinghouse Meridian, targets freelancers and others receiving foreign income. BPI President Jose Teodoro Limcaoco said the initiative aims to speed access to overseas earnings while keeping costs low and preserving security. The program initially covers payroll and similar payments, with plans to expand before the ASEAN Summit in November, subject to regulatory oversight from the Bangko Sentral ng Pilipinas. The bank emphasized that consumer protection and transparency around stablecoin reserves will guide any future scaling.