Tether USDt tops EU salaries and savings payouts in 2024 — Brighty — TradingView News
Tether USDt, the world’s largest stablecoin by market cap, was the most widely used coin for salaries and savings on European crypto banking platform Brighty in 2024, according to a new report.
Brighty’s “Financial Habits of Cryptocurrency Winners” report, shared with Cointelegraph, revealed that USDt (USDT) represents 85% of all cryptocurrency deposits on the platform.
The stablecoin is also ranked as the second largest savings asset after the euro, accounting for 33% of total business-to-customer (B2C) savings.
Brighty’s insights into the financial habits of cryptocurrency holders are based on data extracted from its base of 200,000 users for 2024 and additional surveys of 400 cryptocurrency holders across the EU.
Tron-based USDT is the winner
While USDT has enjoyed overwhelming dominance among cryptocurrency holders, its rival stablecoin is USD Coin USD/USD It represented just 5% of total B2C deposits by earners on Brighty last year.
Bitcoin 
Bitcoin against the dollarthe largest cryptocurrency by market cap, has a similar share of 5%.
According to Brighty data, TRC-20 USDT – USDT issued on the Tron blockchain – was the dominant stablecoin on the platform, accounting for more than 60% of the total USDT transactions on the platform.
The dominance of the TRC-20 USDT has been attributed to low transaction fees on the stablecoin, where as the ERC-20 USDT – Ethereum-based USDT – has been associated with higher network fees.
The data is consistent with the results of the Brighty survey, where at least 70% of participants cited lower transaction fees as a reason for using cryptocurrencies for payments frequently.
Brighty expects a “difficult transition to USDC”
Brighty’s data raises questions in the context of the European cryptocurrency framework known as Markets in Cryptoassets (MiCA), signaling a potentially massive shift in USDT dominance.
While Tether’s rival circuit obtained a MiCA license to issue its USDC stablecoin last year, Tether has opposed some of the MiCA requirements, effectively distancing itself from compliance. As such, European crypto asset service providers (CASPs) may have to restrict USDT as a non-MiCA-compliant stablecoin, according to some industry observers.
“Historically, USDT has accounted for more than half of all cryptocurrencies used by users,” Nick Denisenko, Brighty’s co-founder and chief technology officer, told Cointelegraph, adding:
“We expect a difficult transition to USDC, and users will need a lot of time to adapt to the changes.”
Brighty is a Swiss personal finance app that combines traditional digital banking experience with the benefits of stablecoins and decentralized finance. Its services include exchanging cryptocurrencies for various fiat currencies, particularly targeting global digital nomads, whose number is expected to reach 60 million by 2030.
As a European CASP, Brighty is working on obtaining a MiCA license from local regulatory authorities, Denisenko said.
