USDC Drives 300% Surge in Crypto-Based Salary Payments in 2024

The adoption of crypto-based salary payments has surged over the past year, with USDC emerging as the leading stablecoin in this growing trend, according to Pantera Capital’s 2024 Blockchain Compensation Survey. The share of employees receiving at least a portion of their compensation in cryptocurrency has more than tripled, rising from 3% in 2023 to 9.6% in 2024. This shift is particularly evident among blockchain-native firms and decentralized autonomous organizations (DAOs), where digital assets are increasingly integrated into payroll systems[1].

Meanwhile, the percentage of employees paid entirely in fiat currency has declined from 97% to 89.1%. This trend reflects a broader willingness among companies to experiment with digital assets as a means of compensation, especially for roles that span international borders or operate within decentralized ecosystems. As stablecoins become more embedded in daily financial operations, they offer a practical solution for businesses looking to streamline payroll, reduce friction in international payments, and adapt to the evolving digital economy[1].

USDC’s dominance in crypto-based salaries is underscored by its 63% market share, far outpacing USDT, which accounts for 28.6%. Other tokens like Solana and Ethereum trail significantly, with 1.9% and 1.3% respectively. This preference for stablecoins over volatile assets highlights their role as a reliable medium for compensation, especially in a market where price stability is a key concern for both employers and employees[1].

The survey, which includes professionals such as blockchain engineers, product managers, and operations staff, shows that stablecoins are moving beyond speculative or trading use cases to become a viable tool for real-world transactions. USDC’s growing adoption in payroll is further supported by the regulatory transparency it offers. Circle, the issuer of USDC, began publishing detailed monthly reserve disclosures and securing access to US Treasuries, which has enhanced trust in the stablecoin’s stability and governance[1].

Hybrid salary models are also gaining traction, allowing employees to split their compensation between fiat and crypto. This flexibility enables workers to gradually invest in digital assets without locking away their entire income in volatile markets. It also empowers them to use Web3 wallets to spend their earnings directly, offering a seamless transition into the decentralized financial ecosystem. While full crypto salaries remain uncommon, the hybrid model is making on-chain compensation more accessible and practical for a wider audience[1].

The rise of stablecoin-based salaries is particularly significant for global teams, where the benefits of faster settlement times, lower transaction fees, and easier access to USD value are most apparent. In markets with banking restrictions or currency instability, stablecoins offer a reliable alternative to traditional payment methods. Although the survey does not provide region-specific data, it is likely that teams and contractors based in Asia are among the most active users of stablecoins for cross-border payroll and payments[1].

As more crypto-native companies formalize their operations and adopt tools for improved treasury management and real-time payroll systems, the logistical barriers to paying in crypto are being gradually dismantled. This development is likely to further accelerate the integration of stablecoins into mainstream corporate payroll practices, expanding the use cases for digital assets in the broader economy[1].

Source: [1] USDC Leads 3x Rise in Crypto-Based Salary Payments: Survey (https://cryptonews.com/news/usdc-leads-3x-rise-crypto-based-salary-payments-pantera-survey/)