The use of cryptocurrency for payments has seen significant growth, as evidenced by Binance Pay’s expanding user base and transaction volume in 2024.
According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users tripled from the previous year, reaching 41.7 million. This rapid adoption highlights the increasing role of crypto in everyday transactions.
Stablecoins Lead the Charge
The total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, the report found. This is a notable rise from $2.5 billion in 2021.
Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions as it accounted for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and represented 9%, 3%, and 3% of the total transaction value.
Another popular stablecoin, US
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