The share of workers receiving cryptocurrency as part of their compensation has more than tripled year-over-year, with USDC emerging as the dominant payroll token, according to Pantera Capital’s 2024 Blockchain Compensation Survey.
In 2024, 9.6% of respondents reported earning some portion of their salary in crypto—up sharply from just 3% in 2023. Over the same period, fiat-only pay dropped from 97% to 89.1%, signaling a shift toward digital asset integration among blockchain-native companies and DAOs.
In 2024, the percentage of people paid in crypto tripled, jumping from 3% in 2023 to 9.6% this year. This growth underscores a shifting trend toward digital asset-based compensation as well as broader access to stablecoin rails. pic.twitter.com/FSGcYi7mMo
— Pantera Capital (@PanteraCapital) August 6, 2025
USDC accounted for 63% of all crypto-denominated salaries, far outpacing its closest competitor, USDT, which held a 28.6% share. Other tokens, including Solana and Ethereum, accounted for less than 3% combined, underscoring the preference for stablecoins over volatile tokens when it comes to payroll.
The annual survey, conducted by Pantera Capital, covers compensation practices for blockchain engineers, product teams, legal counsel, and operations staff across the crypto ecosystem. The findings suggest a growing role for stablecoins beyond DeFi and trading—especially in payroll and cross-border settlements.
Key drivers behind the shift include faster transaction settlement, reduced fees, and improved access to dollar-based value in regions where banking systems are restricted or currencies are volatile.
USDC’s rise was also supported by increased transparency from its issuer, Circle, which now publishes monthly reserve audits and holds assets in U.S. Treasuries, giving it added credibility among institutions.
While Pantera’s report did not provide geographic breakdowns, the rise in crypto compensation is widely attributed to demand from globally distributed teams—particularly in Asia—where stablecoins have become essential for real-time, cost-efficient salary payments.
While full salary payments in crypto remain uncommon, hybrid arrangements are gaining traction. Many firms now allow employees to split their compensation between fiat and digital assets.
In a separate development, Pantera Capital and Ondo Finance launched a $250 million initiative—Ondo Catalyst to invest in tokenization of real-world assets (RWAs). The fund will back equity and token projects building on-chain capital markets, marking a major push toward merging traditional finance infrastructure with blockchain-based solutions.
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