The rise of cryptos goes beyond speculation and investments. Indeed, the concrete use of these assets as a means of payment reaches an unprecedented level, which transforms the perception of the sector. Binance Pay, the payment tool of the Binance giant, has just recorded $ 72.4 billion in transactions in 2024, a figure which testifies to increasing adoption. This rise in power is explained in particular by the important role of stablecoins and a diversification of uses, in a context where traditional actors are struggling to follow the cadence. While crypto payments were still marginal a few years ago, Binance Pay is now a key player in this revolution.
A spectacular leap in the volume of transactions on Binance Pay
The volume of transactions processed by Binance Pay experienced spectacular expansion, and increased from $ 2.5 billion in 2021 to 72.4 billion in 2024. This exponential increase testifies to a massive adoption of the payment solution and the Increased confidence of users in the regulation in cryptos.
One of the essential facts of this growth is the domination of stablecoins, which represent a overwhelming majority of transactions. According to Binance data, the USDT is largely imposed with 80 % of the total volume, or 57 billion dollars exchanged. Bitcoin follows with $ 6.6 billion, then Ethereum with 2.4 billion and BNB with 2.2 billion. Other stablecoins such as the USDC are experiencing rapid expansion, with an increase of 1,338 % of the number of transactions and 48 % in volume over one year.
This accelerated adoption is based on several factors : greater confidence of traders and consumers, stability of stablecoins in the face of the volatility of traditional cryptos, and an infrastructure that allows rapid and inexpensive transactions.
A changing ecosystem and global perspectives
The boom in Binance Pay is not limited to the platform itself, it reflects a broader transformation of the Crypto market. Thus, the total number of cryptos holders jumped 13 % in 2024, and reached 659 million users worldwide. Bitcoin remains the most popular asset with 337 million holders, which represents 51 % of crypto investors.
However, institutional adoption plays a key role in this dynamic. Between 300,000 and 1.2 million new investors have acquired BTC via cash in the United States, supported by a favorable policy by President Donald Trump. Ethereum also benefits from a renewed interest, carried by developments in Layer 2 solutions and the launch of ETHEREUM ETHEREUM in cash, which stimulate the participation of investors.
The rise of Binance Pay nevertheless raises questions about the future of the sector. However, regulators could take a closer look at this growth, as they would seek to supervise these new uses. The development of crypto payments could also weaken certain actors in the traditional banking system, pushed to innovate so as not to leave. Finally, with a reserve of Binance cryptos which jumped 137 % to reach $ 100 billion, the Exchange continues to strengthen its influence on the entire ecosystem.
The boom of Binance Pay illustrates a paradigm shift: the crypto is on the way to becoming a real transactional tool, far beyond a simple speculative active. If the stablecoins today dominate payments due to their stability, the growth of BTC and ETH transactions suggests an evolution in user behavior. In the future, several questions remain open: will the regulations slow down this momentum? Will technological innovations make crypto payments even more accessible? One thing is certain, the current dynamic proves that the Crypto adoption continues to accelerate, and Binance Pay is a strong symbol.
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