Crypto update: Tether USDt dominates salary payments and savings in EU in 2024, Brighty report shows

Tether (USDT), the world’s largest stablecoin by market capitalization, has emerged as the leading currency for salary payments and savings in 2024, according to Brighty’s “Crypto Earners’ Money Habits” report. The European crypto banking platform revealed that USDT accounted for 85% of all crypto deposits on its platform, showcasing its overwhelming dominance in the crypto space.

USDT was also the second-largest savings asset, following the euro, making up 33% of all business-to-customer (B2C) savings on Brighty. The findings were based on data from 200,000 users on Brighty and surveys of 400 crypto earners across the European Union.

A significant trend revealed in the report was the dominance of TRC-20 USDT (Tether issued on the Tron blockchain), which accounted for more than 60% of USDT transactions on the platform. This preference is largely due to the lower transaction fees associated with Tron, compared to the higher fees tied to ERC-20 USDT (Ethereum-based USDT).

The survey also highlighted that 70% of respondents chose cryptocurrencies, particularly USDT, for payments due to lower fees, reinforcing the importance of cost-effective transactions in the crypto space.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Cryptocurrencies are highly volatile and involve significant risk.