Tether’s USDT Dominates Europe’s Crypto Banking Scene in 2024

Tether’s USDT emerged as the dominant stablecoin for payments and savings on Brighty, a European crypto banking platform, in 2024.

According to Brighty’s report, USDT accounted for 85% of all crypto deposits and ranked as the second most popular savings asset after the euro, reflecting its strong appeal among users.

The Tron-based TRC-20 version of USDT stood out, driving over 60% of USDT transactions on the platform. Its lower transaction fees compared to the Ethereum-based ERC-20 version made it the preferred choice, with 70% of surveyed users citing cost efficiency as a key factor in their adoption of crypto for payments.

Despite its popularity, USDT’s dominance in Europe may face challenges under the Markets in Crypto-Assets (MiCA) regulatory framework.

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While Circle’s USDC has aligned with MiCA requirements, Tether’s non-compliance raises questions about its future availability. Brighty’s co-founder Nick Denisenko predicts a slow transition to USDC, as users adjust to regulatory-driven changes.

Brighty, a Swiss-based app catering to digital nomads, integrates traditional banking with decentralized finance, positioning itself as a bridge between fiat and crypto while navigating the evolving regulatory landscape.

Source

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.