In 2023, BitPay, a leading provider of cryptocurrency payment services, recorded a significant increase in the use of various blockchains for cryptocurrency transactions. According to the published report, users are increasingly choosing diverse blockchain networks for their transactions.

Bitcoin (BTC) remains the most popular cryptocurrency for payments, but other cryptocurrencies are also gaining popularity. For example, Litecoin (LTC) ranks second in the number of payments, surpassing Ethereum (ETH). The BitPay report also notes a 42% increase in the use of XRP compared to the previous year, indicating its popularity among users.

Other popular cryptocurrencies for payments through BitPay in 2023 included Dogecoin (DOGE), Bitcoin Cash (BCH), and Polygon (MATIC), as well as stablecoins Binance USD (BUSD) and DAI. However, Tether USD (USDT) did not make it into the top ten most used cryptocurrencies for payments.

BitPay also noted that cryptocurrency payments have become widespread worldwide, covering 175 countries. Users in the USA made more payments than in any other country. In 2023, companies from 113 industries began accepting cryptocurrency payments, including sectors such as precious metals, sports, VPN/hosting, retail, luxury goods and jewelry, automotive, internet, information technology, computer networks, and gaming. Among the new merchants accepting cryptocurrency payments were renowned brands such as Gucci and Ferrari.