El Salvador Sees Rise in Crypto-Linked Remittances but Still Trails Behind

El Salvador has seen a notable rise in the use of digital assets for remittances, according to recent data from the Central Bank. In Q1 2026, crypto-linked remittances reached $17.38 million, marking a significant increase from the same period in 2025 when they totaled $11.61 million. This growth brings the country closer to achieving President Nayib Bukele's vision of disrupting traditional remittance giants.

The total volume of family remittances reached $910.81 million in March, with Q1 totals sitting at $2.43 billion and growing 7.3% year-over-year. The U.S. remains the primary source of these funds, accounting for over 90% of the total received by Salvadorans.

However, despite this increase, crypto remittances still only comprise a small fraction of the country's total remittances, at just 0.71%. This sluggish performance may be attributed in part to the government's decision to sunset the Chivo wallet as a result of its agreement with the International Monetary Fund in 2025.