TL;DR
- Stablecoins accounted for 35.5% of all crypto transactions in 2024, with USDT leading at an impressive 97.2%.
- The United States leads cryptocurrency purchases, surpassing Germany and the United Kingdom, while Nigeria and Ukraine show rapid growth.
- TRON overtook Bitcoin as the most-used blockchain for payments, standing out for its efficiency, low costs, and broad adoption in emerging markets.
The year 2024 marked a milestone in the use of cryptocurrencies for payments, highlighting the dominant role of stablecoins. According to the CoinGate report, stablecoins represented 35.5% of all processed transactions, establishing themselves as a preferred option due to their stability against market volatility. Among them, USDT led with an overwhelming 97.2% share, followed by USDC at 2.5%. This growth was further driven by the integration of USDC into the Solana network, which enabled an 86.9% increase in its usage.
On the other hand, TRON emerged as the most-used blockchain for payments, surpassing Bitcoin with a 31.5% share of transactions. Its efficient architecture, capable of processing up to 2,000 transactions per second with minimal fees, made it the top choice for users and merchants, especially in emerging markets such as Nigeria and Ukraine, which saw significant increases in cryptocurrency adoption. TRON also experienced a boost from the massive use of stablecoins on its network, particularly in countries with high inflation, where these digital currencies serve as a secure alternative to fiat money.
Regional Trends and Future Outlook
The United States continues to lead in cryptocurrency use for payments, representing 21% of all orders processed in 2024. Germany and the United Kingdom complete the top three, while Nigeria and Ukraine stand out for their accelerated growth. This increase in global adoption reflects a renewed interest in cryptocurrencies as a method for everyday payments.
Despite the overall growth, Bitcoin’s share in transactions dropped to 22.8%, being surpassed not only by TRON but also by Litecoin, which increased its share to 13.1%. Ethereum, meanwhile, continues to lose ground with its market share falling to 11.2%.
Recent improvements in networks like Solana and TRON are attracting both developers and merchants who seek fast, efficient, and cost-effective networks to facilitate their transactions.
Stablecoins, with their ability to maintain stable value and recent clear regulations in regions such as Europe and the United States, are well-positioned to continue dominating the landscape. CoinGate predicts continued growth in their adoption, driven by integration into more blockchain networks, the preference of major retailers for cryptocurrencies as a payment method, and their increasing use in international remittances, where they offer faster transfer times and lower costs compared to traditional methods.
