The use of cryptocurrency for payments has seen significant growth, as evidenced by Binance Pay’s expanding user base and transaction volume in 2024.
According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users tripled from the previous year, reaching 41.7 million. This rapid adoption highlights the increasing role of crypto in everyday transactions.
Stablecoins Lead the Charge
The total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, the report found. This is a notable rise from $2.5 billion in 2021.
Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions as it accounted for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and represented 9%, 3%, and 3% of the total transaction value.
Another popular stablecoin, USD Coin (USDC), exhibited notable year-over-year growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume.
Broader market trends indicate a rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the surge. In fact, CryptoQuant found that SOL payments reached $724 million in 2024 and represented a 656% year-over-year increase. During the same period, Bitcoin transactions rose by 73% to $6.6 billion, while Ethereum payments grew by 69% to $2.4 billion. USDC and BNB also recorded notable growth, increasing by 48% and 29%, respectively.
Binance Pay’s expansion aligns with the overall growth of the crypto market and Binance’s increasing role in facilitating transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves. The USD value of its Bitcoin, Ethereum, USDT, and USDC reserves exceeded $100 billion in 2024, marking a 137% increase from the start of the year when reserves stood at $43 billion.
The increasing use of Binance Pay reflects a larger global trend as cryptocurrency ownership continues to rise.
Crypto Adoption
Global cryptocurrency ownership witnessed a 13% increase in 2024, rising from 583 million in January to 659 million in December, according to a report by Crypto.com. Bitcoin ownership grew by 13.1%, reaching 337 million users and accounting for over 51% of all crypto owners. Ethereum saw a 13.6% increase, with owners rising from 125 million to 142 million, and represented 21.7% of global ownership.
Additionally, between 300,000 and 1.2 million people may have invested in BTC through US spot exchange-traded funds (ETFs). Institutional interest and pro-crypto policies from US President-elect Donald Trump were major factors driving BTC adoption. The report observed that ETH’s growth was fueled by Ethereum Layer 2 network rallies following the Dencun upgrade and the launch of spot Ethereum ETFs, which contributed to increased investor participation.
