Tether USDt, the largest stablecoin by market capitalization, emerged as the most popular choice for salary payments and savings on Brighty, a European crypto banking platform, in 2024. According to Brighty’s “Crypto Earners’ Money Habits” report, USDt accounted for 85% of all crypto deposits on the platform and ranked as the second most-used savings asset, just behind the euro, representing 33% of business-to-customer (B2C) savings.

The report, based on data from 200,000 Brighty users and surveys of 400 crypto earners across the EU, highlights the growing reliance on stablecoins for financial transactions. Among these, Tron-based USDT led the charge, accounting for over 60% of all USDT transactions on the platform, thanks to its low transaction fees compared to Ethereum-based USDT.

While Bitcoin and USD Coin (USDC) held a modest 5% share each in B2C deposits, USDT’s dominance underscores its practicality for everyday use. Brighty’s data shows that 70% of respondents preferred crypto for payments due to lower fees, further solidifying USDT’s appeal.

However, regulatory hurdles loom. The Markets in Crypto-Assets (MiCA) framework could challenge USDT’s dominance in Europe. Rival stablecoin USDC, issued by Circle, secured a MiCA license, while Tether has resisted some of the framework’s compliance requirements. This could force European crypto service providers to limit USDT’s use, potentially driving users toward USDC. Brighty’s co-founder Nick Denisenko acknowledges the difficulty of this transition, anticipating significant adaptation time for users.

Brighty, a Swiss fintech platform blending traditional banking with stablecoins and decentralized finance, is seeking its own MiCA license. As the regulatory landscape evolves, the future of stablecoin adoption in Europe remains uncertain but pivotal.