Crypto salaries triple in 2024 as stablecoins dominate payrolls

A growing number of crypto professionals received salaries in digital assets in 2024, with the number tripling compared to the previous year. A report by Pantera Capital noted that 9.6% of these professionals are now paid in stablecoins, a category of cryptocurrencies designed to maintain stable value, typically pegged to fiat currencies like the U.S. dollar [1]. The report is based on data collected from over 1,600 participants across 77 countries, indicating a clear trend toward blockchain-native payroll systems and rising institutional confidence in stablecoin assets [1].

Among the leading stablecoins, USDC, issued by Circle, accounted for 63% of crypto payroll transactions, despite Tether’s USDT being the most traded stablecoin globally [1]. The report highlighted that none of the major payroll platforms, including Deel, Remote, or Rippling, currently support USDT for payroll purposes, suggesting that institutional adoption is shaping the preferences in the industry [1]. Together, USDC and USDT made up over 90% of reported crypto payroll transactions [1].

The report also revealed a notable shift in compensation structures, with token-based incentives increasingly aligned with long-term goals. Nearly 88% of vesting schedules are now set for four years, up from 64% the previous year [1]. Additionally, the data suggests that in the blockchain industry, practical experience and technical skills may be valued higher than formal academic qualifications. Professionals with bachelor’s degrees reported an average salary of $286,039, which was higher than those with master’s or doctoral degrees, at $214,359 and $226,858, respectively [1].

Circle has been actively pushing for broader adoption of USDC in enterprise and institutional settings, including payroll and B2B financial infrastructure [1]. In March 2024, the company partnered with ICE, the parent company of the New York Stock Exchange, to explore the integration of USDC in derivatives markets [1]. In May, Circle applied for a federal trust bank charter from the U.S. Office of the Comptroller of the Currency, a move aligned with its strategy to provide regulated infrastructure for stablecoin transactions [1]. By July, the U.S. government had passed the GENIUS Act, establishing a regulatory framework for stablecoin issuers and signaling growing institutional acceptance [1].

The rise of stablecoins in payroll reflects broader shifts in global financial infrastructure. Stablecoin transfer volume in 2024 reached $27.6 trillion, surpassing the combined transaction volumes of major credit card networks like Visa [2]. This level of activity highlights the role of stablecoins in facilitating fast, low-cost cross-border transactions, making them an attractive option for international payroll and business operations [2].

Major financial institutions have also begun to acknowledge the potential of stablecoins. JPMorgan Chase’s CEO, Jamie Dimon, publicly supported their use, emphasizing their ability to improve financial efficiency [3]. Such endorsements from traditional financial actors help legitimize the growing role of stablecoins in business and payroll systems [3].

The increasing adoption of crypto salaries is part of a global digital finance transformation. As businesses seek to reduce costs and streamline operations, stablecoins are emerging as a bridge between traditional finance and decentralized systems [4]. However, regulatory clarity remains a key challenge, with policymakers beginning to pay closer attention to the sector. In 2024, the U.S. president directed regulators to investigate potential discrimination against crypto firms, signaling the rising political and regulatory importance of the industry [4].

The trend toward crypto salaries is not merely a passing fad but an indicator of a larger shift in how businesses manage their financial operations. As more companies adopt stablecoins for payroll, the competition between traditional financial systems and digital alternatives continues to evolve, pointing to a future where digital assets play an increasingly central role in global business.

[1] Source: CoinMarketCap. Title: Crypto salaries triple in 2024 as stablecoins dominate payrolls: Report. URL: https://coinmarketcap.com/community/articles/6893d0374efbf54e608dc793/

[2] Source: Daily. Title: Global race for digital money dominance: Who will set rules for this new era. URL: https://www.dailysabah.com/opinion/op-ed/global-race-for-digital-money-dominance-who-will-set-rules-for-this-new-era

[3] Source: AOL.com. Title: Jamie Dimon just gave a thumbs up to stablecoins—but ... URL: https://www.aol.com/finance/jamie-dimon-just-gave-thumbs-172158916.html

[4] Source: CoinCentral. Title: Trump Takes Aim at Banks That Dumped Crypto Companies. URL: https://coincentral.com/trump-takes-aim-at-banks-that-dumped-crypto-companies/