USDT Tops 2024 Crypto Payment Charts

With 85% of the platform’s crypto deposits attributed to USDT, its leadership in the digital financial ecosystem is undeniable.

The stablecoin not only excels in payment volume but also ranks second among preferred savings assets, just behind the euro. Within the B2C market, USDT accounted for 33% of all savings, reflecting its versatility and broad appeal among corporate and personal users.

Brighty’s findings are grounded in data from 200,000 users and a survey of 400 individuals earning income within the EU. The study underscores the dominance of USDT on the Tron blockchain (TRC-20), responsible for over 60% of the platform’s transactions.

Tron’s appeal lies in its low transaction fees, a stark contrast to the costlier Ethereum ERC-20 alternative.

USDT Transactions on Brighty—A Breakdown. Source: cointelegraph

While USD Coin (USDC) captured just 5% of deposits in the B2C segment, the introduction of MiCA (Markets in Crypto-Assets) regulations might bring about a significant shift.

USDC has already secured compliance with MiCA standards, but Tether is taking a different route, avoiding EU regulatory approval for now. Instead, it is focusing on underserved markets in developing countries and investing heavily in industries like mining and video hosting.

Survey results confirm the dominance of TRC-20 USDT, with 70% of respondents emphasizing low transaction fees as the main reason behind their preference. Tether’s practicality in daily transactions makes it especially popular among freelancers, whose numbers are expected to swell to 60 million by 2030.

Despite regulatory hurdles and fierce competition, Tether USDT holds its title as a top player in the crypto space.

Curious about Circle’s strategy to edge Tether out of Europe? Check out our article, “Binance and Circle Form Alliance to Challenge Tether”