USDC Surpasses USDT in Crypto Salaries, Now 63% Market Share

Crypto salaries paid in digital assets have surged in 2024, with stablecoins becoming the dominant form of compensation in the crypto sector. According to a Pantera Capital report based on a survey of over 1,600 professionals across 77 countries, the percentage of crypto specialists receiving salaries in digital assets has tripled in a year—from 3% to 9.6%. Stablecoins now make up over 90% of all crypto-based salaries, with USDC emerging as the leader at 63%, followed by USDT at 28.6%. This shift marks a clear departure from USDT’s previous dominance in payroll transactions [1].

The transition to USDC reflects its growing institutional and regulatory appeal. Unlike USDT, which is often subject to liquidity concerns, USDC is backed by traditional financial reserves and is supported by major payroll platforms such as Deel, Remote, and Rippling. These providers do not support USDT payouts, contributing to USDC’s rising market share. Analysts attribute its dominance to a stronger regulatory profile and greater trust from institutional players [1].

The trend is especially pronounced among technical professionals. Entry-level engineers saw salary increases of 25.6%, while mid-level engineers experienced a 14.49% rise. Senior engineers, by contrast, received smaller increases of 4.9%. Notably, higher academic degrees do not always correlate with higher earnings in the blockchain sector. Professionals with bachelor’s degrees earned an average of $286,039, outpacing those with master’s degrees ($214,359) and doctoral degrees ($226,858) [1].

Remote work remains a defining characteristic of the crypto workforce, with 82% of employees working from home permanently. Office-based roles have increased from 1.5% in 2023 to 6% in 2024, while hybrid schedules remain stable at 11%. The flexibility of stablecoin compensation, especially USDC, has supported this shift by enabling seamless cross-border transactions and reducing administrative complexity [1].

Industry experts have highlighted the broader implications of the shift to stablecoins in payroll. According to Dan Morehead, CEO of Pantera Capital, “USDC and USDT collectively account for over 90% of crypto salaries, cementing their status as the go-to choices for payroll stability and liquidity.” The trend reflects a broader movement toward digital payments and decentralized finance [1].

Institutional adoption of stablecoins is accelerating. Circle, the issuer of USDC, has taken steps to strengthen its position by pursuing a federal trust bank charter and exploring derivatives applications through ICE. Meanwhile, JPMorgan Chase CEO Jamie Dimon has publicly endorsed the use of stablecoins, signaling growing acceptance in traditional finance [3].

Stablecoin usage is also gaining regulatory traction. The U.S. GENIUS Act, enacted in July 2024, provided a legal framework for stablecoin use, enhancing their credibility and utility. U.S. regulators have also been directed to investigate potential discrimination against crypto firms, reflecting the sector’s growing political influence [1].

As stablecoin-based payroll systems gain traction, the structure of compensation is evolving. Token-based incentives with a four-year vesting period have increased from 64% in 2023 to 88% in 2024, emphasizing long-term alignment between companies and employees. The sector’s preference for practical skills over academic credentials further underscores its unique dynamics [1].

With USDC leading the charge, stablecoins are redefining how compensation is handled in the digital economy. As institutional adoption, regulatory clarity, and user adoption continue to grow, USDC’s role in digital payroll is likely to expand, setting a new standard for compensation in the crypto industry [1].

Source:

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

[2] 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] 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