[Analysis] "Binance Pay Users Surge Last Year... Crypto Assets Expanding Role as Payment Method"

Analysis shows that cryptocurrency's role as a payment method is expanding as Binance Pay users surge.

On the 20th (local time), Julio Moreno, Head of Research at CryptoQuant, reported that "Binance Pay users tripled year-over-year to 41.7 million in 2024, with total transaction volume significantly increasing to $72.4 billion from $2.5 billion in 2021," indicating that "crypto payments are becoming part of daily life."

By payment method, Tether (USDT) dominated with an overwhelming 80% share at $57 billion, followed by Bitcoin (BTC) at $6.6 billion, Ethereum (ETH) at $2.4 billion, and BNB at $2.2 billion. Notably, USDC saw a 1,338% increase in transaction count and a 48% increase in transaction volume year-over-year.

In terms of cryptocurrency growth rates, Solana (SOL) stood out with a 656% year-over-year increase to $724 million. Bitcoin (73%), Ethereum (69%), USDC (48%), and BNB (29%) also showed high growth rates.

Regarding this, Moreno analyzed that "Binance Pay's growth is intertwined with the overall expansion of the cryptocurrency market, suggesting that crypto assets are rapidly establishing themselves as real-world payment methods beyond just investment assets."