Cryptocurrencies have moved beyond being merely speculative and investment tools to becoming legitimate means of payment. Binance Pay, the payment tool from the giant Binance, recorded $72.4 billion in transactions in 2024, reflecting growing adoption of cryptocurrency payments.
Increase in Transaction Volume on Binance Pay
The volume of transactions through Binance Pay has shown spectacular growth, increasing from $2.5 billion in 2021 to $72.4 billion in 2024. This rise reflects massive adoption of the payment solution and growing trust from users in crypto settlements. Stablecoins play a key role in this growth, representing the overwhelming majority of transactions. USDT dominates with 80% of the total volume, amounting to $57 billion. It is followed by Bitcoin with $6.6 billion, Ethereum with $2.4 billion, and BNB with $2.2 billion. Other stablecoins, such as USDC, are also experiencing rapid expansion.
Transformation of the Crypto Ecosystem
The rise of Binance Pay reflects a broader transformation of the crypto market. The total number of crypto holders increased by 13% in 2024, reaching 659 million users worldwide. Bitcoin remains the most popular asset with 337 million holders. Institutional adoption plays a key role in this dynamic: between 300,000 and 1.2 million new investors have acquired BTC through spot ETFs in the United States.
Challenges and Prospects for the Future of Crypto Payments
The rise of Binance Pay raises questions about the sector's future. Regulators may take a closer look at this growth as they seek to frame these new uses. The development of crypto payments could also weaken certain players in the traditional banking system, pushing them to innovate. Meanwhile, Binance’s crypto reserves have soared by 137% to reach $100 billion, strengthening the exchange's influence across the ecosystem.
The rise of Binance Pay illustrates a paradigm shift: crypto is on the verge of becoming a true transactional tool. While stablecoins dominate payments due to their stability, the growth of transactions in BTC and ETH suggests an evolution in user behaviors. The question remains: will regulation stifle this momentum?
