CQ Julio2025-02-20

Trends in Crypto Payments - The Binance Pay Case

Using data provided by Binance regarding its Binance Pay service we analyzed the underlying trends of cryptocurrency use for payments. We found that: The number of people using Binance Pay for crypto payments skyrocketed to 41.7 million in 2024, up 3x from the previous year. Binance Pay total transaction volume was $72.4 billion in 2024. Transaction volume using this service has surged from only $2.5 billion in 2021, showing the potential of crypto to process day-to-day payments. In 2024, USDT was used for 80% of the total payment volume on Binance Pay, equating to $57 billion. Bitcoin, Ethereum and BNB followed with $6.6, $2.4 and $2.2 billion respectively, a 9%, 3% and 3% share of the total transaction amount in 2024 respectively. When it comes to YoY growth in 2024, USDC showed significant growth rates up +1338% in Transaction Count and +48% in Transaction Volume. The significant growth in high-frequency token transaction volumes on Binance Pay mirrors broader market trends, highlighting increased adoption of diverse cryptocurrencies for payments. User data shows that Solana (SOL) led the surge with payments totaling $724 million, up 656% YoY. Bitcoin, ETH, USDC, and BNB also saw notable increases, with Bitcoin payments rising 73% to $6.6 billion, ETH up 69% to $2.4 billion, and USDC and BNB payments growing by 48% and 29%, respectively. The growth of Binance Pay aligns with the broader expansion of the crypto market and Binance’s increasing role in facilitating crypto transactions. This trend is further underscored by the significant rise in Binance exchange's cryptocurrency reserves, which reflects growing user activity and trust. The USD value of Binance's BTC, ETH, USDT, and USDC reserves has surpassed $100 billion. These reserves grew from $43 billion at the start of 2024, marking a 137% increase over the period.