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