The number of salaries paid in cryptocurrency tripled in 2024, jumping from 3% in 2023 to 9.6% in 2024, according to a comprehensive report by a firm based on a survey of over 1,600 crypto professionals spread across 77 countries. This significant increase reflects a growing trust and adoption of blockchain-based payroll solutions in the crypto industry.
A key element driving this trend is the dominance of stablecoins as the preferred medium for salary payments. The two main stablecoins used for payrolls are USDC (USD Coin) and USDT (Tether), which together account for more than 90% of crypto-based salaries. Specifically, USDC commands a substantial 63% share, while USDT accounts for about 28.6% of these payments. This preference for stablecoins over more volatile cryptocurrencies like Ethereum or Solana is tied to their price stability and greater regulatory clarity, making them more suitable for consistent salary payments.
Interestingly, despite USDT being the most transacted stablecoin globally by volume, major crypto payroll providers do not offer it for payroll, further elevating USDC’s role in compensation. This rise in crypto payroll adoption coincides with improvements in blockchain infrastructure, expanding institutional acceptance, and regulatory developments, solidifying stablecoins’ position as a bridge between traditional financial systems and the blockchain economy.
Overall, the 2024 surge in crypto salary payments signals a maturation of compensation practices within the blockchain space, reflecting growing confidence from both companies and employees in receiving wages via digital assets, especially stablecoins.
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