Welcome to this week’s edition of This Week in Crypto, where we cover the latest and most significant developments in the cryptocurrency landscape. This week, we’re exploring a trio of exciting updates: the surge of Runes transactions driving record Bitcoin activity, Stripe’s reintroduction of crypto payments through stablecoins, and Australia’s achievement of surpassing 1,000 Bitcoin ATMs. Join us as we break down these developments and their implications for users around the world.
Runes Protocol Fuels Record Bitcoin Transaction Volumes
Since its launch following Bitcoin’s halving event on April 20, the Runes token standard has dominated Bitcoin’s transaction space, constituting 68% of all transactions on the network. This new protocol, developed by Ordinals inventor Casey Rodarmor, enables the creation of tokens on the Bitcoin blockchain more efficiently than the previous BRC-20 standard. The introduction of Runes has not only spurred a surge in transaction volumes—peaking at over 926,000 daily transactions three days post-halving—but also in the utilization of block space, much to the chagrin of critics who argue that Bitcoin is straying from its original purpose as a peer-to-peer electronic cash system.
Despite the enthusiasm for Runes, evidenced by a record 3.6 million Runes-related transactions, the financial benefit to Bitcoin miners has been inconsistent, with miner fees from Runes transactions fluctuating significantly. While Runes contributed to nearly 70% of miner fees on its biggest day, daily figures have varied widely since. This instability raises questions about the sustainability of Runes as a revenue source for miners. Meanwhile, Bitcoin’s price remains relatively subdued despite the blockchain’s increased activity and the apparent recognition of its block space’s value.
Stripe Reintroduces Crypto Payments with USD Coin
Stripe, a leading payment processor, is set to reintroduce cryptocurrency payments after a four-year hiatus, opting this time for stablecoin USD Coin (USDC) starting this summer. The announcement was made by Stripe’s co-founder and president, John Collison, who highlighted the improved stability of stablecoins compared to their past crypto experiences. Initially supporting transactions on the Ethereum, Solana, and Polygon blockchains, Stripe aims to provide a payment experience particularly benefiting those without traditional banking access. This move reflects a broader acceptance of stablecoins, which are pegged to stable assets like the US dollar.
Collison emphasized the efficiency of USDC for digital payments and the company’s strategy to enable global reach for its users. The reintroduction of crypto payments is seen as part of Stripe’s ongoing commitment to embracing digital currencies, despite the challenges faced in the past with Bitcoin. With stablecoins maintaining their value even through crypto market fluctuations, Stripe is positioning itself to leverage the growing trend of crypto use in commercial transactions.
Australia Hits Milestone with Over 1,000 Active Bitcoin ATMs
Australia has recently joined the United States and Canada as one of the few countries to host over 1,000 Bitcoin ATMs, marking a significant milestone in its adoption of cryptocurrency. As of April 24, Australia boasts 1,002 operational Bitcoin ATMs, accounting for 2.7% of the global total. This development positions Australia as the third-largest hub for Bitcoin and crypto ATMs worldwide, surpassing major Asian economies such as China, Japan, Singapore, and India in the number of crypto-fiat machines.
The growth of Bitcoin ATMs in Australia highlights a broader trend of increasing global crypto infrastructure. The United States still leads with a dominant 82.8% share of the world’s Bitcoin ATMs, totaling 31,170 machines, while Canada holds 2,918, representing 7.8%. With Australia’s current rate of installation, it is poised to potentially overtake Europe, which currently has 1,617 machines. This expansion reflects a growing acceptance and normalization of digital currencies across global economies, furthering the accessibility and convenience of crypto transactions.
