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