Cryptocurrency use for payments has increased dramatically, as evidenced by the 2024 Binance Pay user base and transaction volume and transaction volume.
According to data provided by Binance and analyzed by Cryptoquant, the number of Binance Pay users tripled from the previous year to 41.7 million. This rapid adoption highlights the growing role of crypto in everyday transactions.
Stablecoins leads in price
The total transaction volume processed through Binance Pay in 2024 was $72.4 billion, the report found. This is a noticeable rise from $2.5 billion in 2021.
Stablecoins, and Tether (USDT), in particular, dominated Binance Pay Transactions as they accounted for 80% of the total payment amount, worth $57 billion. Top-level crypto assets such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) have contributed to $6.6 billion, $2.4 billion and $2.2 billion, respectively, following the lawsuit, with 9%, 3% and 3 It accounts for %. Total transaction value.
Another popular stablecoin, USDCoin (USDC), showed remarkable growth year-over-year, with a 1,338% increase in transaction count and a 48% increase in transaction volume.
The broader market trends show an increase in Binance Pay’s high frequency token transactions as Solana (Sol) leads the surge. In fact, Cryptoquant found that SOL Payment reached $724 million in 2024, representing a 656% increase from the previous year. During the same period, Bitcoin transactions rose 73% to $6.6 billion, while Ethereum payments rose 69% to $2.4 billion. USDC and BNB also recorded significant growth, up 48% and 29%, respectively.
The expansion of Binance Pay coincides with the overall growth of the crypto market and the increasing role of Binance in driving transactions. This trend is further tested by a significant increase in Binance’s cryptocurrency reserves. In 2024, USD values for Bitcoin, Ethereum, USDT and USDC reserves exceeded $100 billion, an increase of 137% since the beginning of the year when reserves were $43 billion.
The increase in Binance wage usage reflects a larger global trend as cryptocurrency ownership continues to increase.
Cryptocurrency adoption
Global cryptocurrency ownership increased 13% in 2024, up from 583 million in January to 659 million in December, according to a report by Crypto.com. Bitcoin ownership increased by 13.1% to 337 million users, accounting for more than 51% of all crypto owners. Ethereum saw an increase of 13.6%, with owners rising from 125 million to 142 million, accounting for 21.7% of global ownership.
Additionally, between 300,000 and 1.2 million people may have invested in BTC through US Spot Exchange Trading Funds (ETFs). Institutional interests from Donald Trump in the US presidential election and custody policies were key factors driving the adoption of BTC. The report observed that ETH’s growth was driven by Dencun’s upgrade and the Ethereum Layer 2 network rally following the launch of the Spot Ethereum ETF, which contributed to increased investor participation.
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