How Stablecoins Captured 33% of Crypto Payments in 2024

While Bitcoin (BTC) and Ethereum (ETH) ETFs fueled mainstream adoption in 2024 and a late-year bull run, crypto payments quietly evolved, with stablecoins emerging as a dominant force.

According to a recent CoinGate report, stablecoins surpassed Bitcoin as the preferred method of payment, with Tether (USDT) leading at 34.6% of transactions. Including other stablecoins like USD Coin (USDC), the share of stablecoin payments rose to 35.5%. USDT dominated the category, but USDC posted remarkable growth, increasing usage by 86.9%, largely due to its integration into the Solana network.

Blockchain preferences shifted as well, with the Tron network outpacing Bitcoin to account for 31.5% of transactions. Solana rose in popularity, boosted by a 56.4% spike in late 2024, while Ethereum’s payment share declined slightly. Litecoin also gained ground, climbing from 9.5% to 13.1% of total transactions.

Layer-2 solutions played a key role in improving transaction efficiency. The Lightning Network saw a 39.1% increase in Bitcoin payments, and Arbitrum experienced a staggering 565% surge in adoption, driven by Ethereum and USDT use cases. Polygon also recorded notable growth with a 135% rise in transactions.

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Stablecoins solidified their place as a vital component of the crypto ecosystem, while the shifting blockchain dynamics underscored the industry’s focus on scalability, speed, and cost-effectiveness. These trends reflect a maturing market that continues to innovate and adapt to user demands.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.