Tether’s USDT has emerged as the dominant stablecoin for payments and savings on Brighty, a European cryptocurrency banking platform, in 2024.
According to Brighty’s report. USDT It accounts for 85% of all cryptocurrency deposits and ranks as the second most popular savings asset after the euro, reflecting its strong appeal among users.
The TRC-20 version of USDT based on Tron stood out, driving more than 60% of USDT transactions on the platform. Lower transaction fees compared to the Ethereum-based ERC-20 version made it the preferred choice, with 70% of users surveyed citing cost efficiency as a key factor in their adoption of cryptocurrencies for payments.
Despite its popularity, USDT’s dominance in Europe may face challenges under the regulatory framework for cryptoasset markets (MiCA).
While Circle’s USDC complies with MiCA requirements, Tether’s non-compliance raises questions about its future availability. Nick Denisenko, co-founder of Brighty, expects a slow transition to USDC, as users adapt to regulation-driven changes.
Brighty, a Switzerland-based app that caters to digital nomads, merges traditional banking with decentralized finance, positioning itself as a bridge between fiat currencies and cryptocurrencies while navigating the evolving regulatory landscape.
