Binance Pay Hits $72.4B as Crypto Adoption Soars

Stablecoins Lead the Charge

Binance Pay processed an impressive total transaction volume of $72.4 billion in 2024, marking a substantial rise from $2.5 billion in 2021. Stablecoins, particularly Tether (USDT), were the dominant assets in Binance Pay transactions, accounting for 80% of the total payment volume, or $57 billion.

Other top cryptocurrencies followed suit in terms of transaction volume:

• Bitcoin (BTC): $6.6 billion (9% of total volume)
• Ethereum (ETH): $2.4 billion (3% of total volume)
• Binance Coin (BNB): $2.2 billion (3% of total volume)

Another stablecoin, USD Coin (USDC), demonstrated remarkable growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume year-over-year.

High-Frequency Token Transactions Surge

There has been a notable rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the charge. According to CryptoQuant, SOL payments reached $724 million in 2024, reflecting a 656% year-over-year increase. Other key cryptocurrencies also saw significant growth:

• Bitcoin (BTC) transactions grew by 73%, reaching $6.6 billion
• Ethereum (ETH) payments increased by 69%, totaling $2.4 billion
• USDC and BNB recorded growths of 48% and 29%, respectively

Binance Pay’s Growth Mirrors Crypto Market Trends

Binance Pay’s expansion aligns with broader trends in the cryptocurrency market, as Binance continues to play an increasing role in facilitating crypto transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves, which exceeded $100 billion in 2024, a 137% increase from the beginning of the year when reserves stood at $43 billion.

The Global Crypto Adoption Surge

The growing use of Binance Pay is a reflection of global trends in cryptocurrency adoption. According to a report by Crypto.com, global cryptocurrency ownership rose by 13% in 2024, from 583 million users in January to 659 million users by December.

Bitcoin ownership saw a 13.1% increase, reaching 337 million users, and accounted for over 51% of all crypto owners. Ethereum ownership grew by 13.6%, with users rising from 125 million to 142 million, representing 21.7% of global ownership. Institutional interest, along with pro-crypto policies from US President-elect Donald Trump, significantly contributed to Bitcoin adoption.

Furthermore, the launch of Ethereum Layer 2 network upgrades and spot Ethereum ETFs also played a key role in fueling Ethereum’s growth, resulting in increased investor participation.