2023 was the best year for crypto payments, with the number of transactions growing by 40% compared to the previous year

Crypto adoption for payments is growing

Cryptocurrencies are not just investment and speculation. On the contrary, among the popular use cases, crypto payments represent perhaps the industry's most long-term purpose, as well as one of the aspects that most allows to increase organic demand for the sector to thrive.

Data such as those reported by CoinGate in a recent report, therefore, give rise to hope for the prospects of this sector, underlining a growth that has led the platform to record 1.29 million payments in cryptocurrencies (one payment every 24 seconds) in 2023. In 2022, the figure showed 928,517 transactions, approximately 40% less.

Dominating the scene, not surprisingly, are Bitcoin and USDT, covering 35.6% and 25.4% of all payments made respectively. However, it is curious to note how Bitcoin's share is gradually decreasing from 47.8% in 2022 and from 54.8% in 2021. USDT, on the contrary, grows from 15.1% in the previous year, more than anything thanks to the exit of Binance's competitor BUSD, which even led the stablecoin to outperform BTC.

Behind the first two cryptocurrencies we find Litecoin (LTC), with 9.5%, Ethereum (ETH) with 9.3% and Tron (TRX) with 7.1%.

New perspectives for crypto payments

Binance Pay, as we recently reported, also contributes largely to the growth of the sector, covering 8.2% of all transactions. And in general it is the demand from crypto-friendly merchants that makes crypto payments have a broader perspective.

Again according to CoinGate, 2024 could be a "bright" year for the growth and adoption of cryptocurrencies in the payments sector, with a positive collateral impact for all investments.