USDC Dominated Crypto Payrolls in 2024, Making Up 63% of Salary Payments

Jimmy Aki
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The percentage of workers receiving salaries in digital assets has tripled over the past year, with 9.6% paid in stablecoins. Leading this trend is Circle’s USDC, which accounted for 63% of all crypto salary payments in 2024.

Stablecoins Could Become a Trillion-Dollar Force in Finance

A survey report by venture capital firm Pantera Capital, based on over 1,600 responses from crypto professionals across 77 countries, reveals a growing shift toward blockchain-native payroll systems.

The poll shows that dollar-backed stablecoins are the dominant choice for crypto-based salaries. USDC leads the way, followed closely by USDT, which accounts for 28.6% of all crypto payroll transactions.

In contrast, other crypto assets like Solana (SOL) and Ethereum (ETH) make up 1.9% and 1.3% of payroll payments, respectively.

Overall, the findings show USDT and USDC accounting for 91.6% of all crypto payrolls in 2024.

While USDT still holds stablecoin market dominance at 61.22%, USDC has emerged as the preferred choice for employee compensation.

Nonetheless, the increasing adoption of stablecoins in crypto payroll highlights their role as a bridge between traditional finance and blockchain technology, as they are no longer limited to institutional applications.

With regulatory clarity, more businesses are expected to use stablecoins for payroll. This shift is evidenced by the latest development.

The GENIUS Act in the U.S. provides firm standards for stablecoins as it requires full reserve backing and strict compliance with anti-money laundering protocols.

Following the passage of the law, over $6 billion has flowed into the stablecoin market, totaling $268.736 billion at press time.

Stablecoins and Crypto Payments Are Expanding Across Industries

Crypto payments are moving well beyond payroll and are fast becoming part of global commerce.

On July 28, PayPal launched “Pay with Crypto,” a checkout feature enabling U.S. businesses to accept payments in over 100 cryptocurrencies.

Each transaction is instantly converted into U.S. dollars or PayPal’s stablecoin, PYUSD, allowing merchants to benefit from crypto adoption without being exposed to price volatility.

In Latin America, the Central Bank of Bolivia signed an agreement with El Salvador’s National Commission of Digital Assets. The deal formally recognizes cryptocurrency as a legitimate and trusted alternative to traditional fiat, signalling a shift in policy thinking across emerging markets.

In Asia, South Korea is moving in a similar direction. The country has temporarily paused its central bank digital currency (CBDC) pilot to accelerate the rollout of Korean won-pegged stablecoins.

Lawmakers cited the need to reduce reliance on U.S. dollar-backed tokens like USDT and USDC, which accounted for over 57 trillion won ($42 billion) in trading volume during Q1 2025 alone.

From PayPal’s crypto checkout to South Korea’s pivot toward won-backed tokens, the momentum signals a broader shift toward integrating stablecoins into everyday transactions.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.