As blockchain firms and decentralized organizations reshape compensation models, more employees worldwide are receiving parts of their salaries in cryptocurrencies.
According to a recent survey by Pantera Capital, the stablecoin USDC has solidified its position as the preferred payroll token, particularly among Asia-based workers who face traditional banking hurdles.
USDC Exceeds USDT and Others in Payroll Currency
The landscape of employee compensation is rapidly evolving. In 2023, only 3% of surveyed workers reported receiving some salary in crypto assets. By 2024, this figure surged to 9.6%, signaling a broadening acceptance of digital tokens as legitimate payment forms. Meanwhile, reliance on purely fiat payments dropped from 95% to 85% in the same period.
This shift is fueled by blockchain companies and decentralized autonomous organizations (DAOs) that seek efficient, borderless payment solutions. Faster settlements, reduced fees, and increased financial inclusion are among the main attractions.
The survey reveals that USDC now accounts for over 60% of crypto payroll distributions, far outpacing rivals such as USDT, which holds 28%. Other cryptocurrencies like Solana and Ethereum represent minor shares.
Asian Workers Prefer Stablecoin Payments
Teams and contractors in Asia stand out as major contributors to the expanding use of stablecoins for compensation. With local banking systems often marked by volatility, high remittance fees, and regulatory complexity, many workers prefer stablecoins like USDC to receive timely and cost-effective payments.
A growing number of companies offer hybrid payroll options, allowing employees to split their salary between fiat currency and crypto tokens. This model caters to diverse financial strategies, such as dollar-cost averaging, while providing flexibility amid uncertain monetary environments.
Industry insiders predict that the trend towards crypto payrolls is still in its infancy. As more crypto-native firms formalize operations, the demand for transparent and reliable payroll systems will grow. Regulatory clarity and wider acceptance could also prompt traditional companies to incorporate stablecoins into their compensation frameworks, the report indicated.
Pantera Capital is an early investor in Circle, the issuer of USDC.
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