The increase in Binance Pay users indicates a trend towards using cryptocurrencies for everyday payments.
Significant Growth in Binance Pay Users
The use of cryptocurrencies for payments is rapidly increasing, as evidenced by the significant growth of Binance Pay. According to CryptoQuant's research, the number of active users of the service tripled over the past year, reaching 41.7 million in 2024. The transaction volume using Binance Pay also rose to $72.4 billion, 28.8 times higher than three years ago.
Stablecoins Dominating Transactions
One of the main reasons for the growth of Binance Pay is the popularity of stablecoins, especially Tether (USDT). In 2024, stablecoins accounted for 80% of the total transaction volume in Binance Pay, equivalent to $57 billion. Transactions with USD Coin (USDC) and Solana (SOL) also saw significant growth, indicating users' preference for more stable assets.
Binance Pay and Global Crypto Market Growth
The rapid development of Binance Pay is tied to the overall growth of the cryptocurrency ecosystem. Binance's reserves in major cryptocurrencies have doubled, and the number of cryptocurrency holders worldwide increased by 13% in 2024. This situation contributes to growing trust in the platform and cryptocurrencies overall.
The growth in users and transaction volumes at Binance Pay highlights the ongoing acceptance of cryptocurrencies as a means of payment and their potential significance in the global financial system.
