Polygon is establishing itself in the race for stablecoin payments. The network processed approximately $79.25 billion in May, through nearly 198 million transactions. An activity which allows it to be ahead of Solana and BNB Chain in number of transfers.
In brief
- Polygon processed nearly $79.25 billion in stablecoins in May.
- The network dominated the market with around 198 million transactions.
- The increase in activity has not yet translated into a recovery in the POL token.
Stablecoins propel Polygon to the top
May 2026 represents the second best month in Polygon history for stablecoins. The network processed nearly $80 billion, confirming its shift toward payments. Polygon especially claims first place in number of transactions. The 198 million operations recorded during the month allow it to surpass other major blockchains on this indicator.
This distinction remains important. A network can show high volume with a few massive institutional transfers. Polygon, on the contrary, shows a very fragmented activity, composed of a large number of operations of different sizes. The cumulative volume of stablecoin transfers on Polygon now exceeds $2.4 trillion. USDC and USDT still concentrate most of this activity.
Polygon puts forward a simple argument: cost. A transaction on the network would cost on average around $0.002. Its settlement occurs in almost two seconds. These features make stablecoins more suitable for everyday payments. A user can send a few dollars without losing a significant portion of the amount in network fees.
This efficiency is also of interest to businesses. Traditional cross-border payments sometimes go through several intermediary banks. The transfer can take several days and accrue fees that are difficult to predict. Polygon seeks to replace this complex chain with direct settlement on the blockchain. Visa has also added the network to its stablecoin settlement program.
The network claims to have processed more than seven billion transactions since its launch, with availability close to 99.99%. These figures reinforce its message to companies that demand a stable infrastructure.
Polygon transforms its strategy around stablecoins
This progression does not happen by chance. Polygon Labs has refocused a large part of its strategy on payments and stablecoins, to the detriment of a positioning solely focused on DeFi or NFTs. The company has invested in Coinme and Sequence to strengthen its infrastructure. Coinme facilitates entries and exits between traditional currencies and digital assets. Sequence provides portfolio and interoperability tools.
Polygon is also developing its Open Money Stack. This infrastructure aims to bring together payments, wallets, compliance and transfers between blockchains in a single environment.
Latin America occupies an important place in this offensive. Polygon reportedly processed approximately $309 million worth of Latin American stablecoins in May. Tokens indexed to the Brazilian real or the Colombian peso meet local needs that USDT does not always cover.
In economies marked by inflation or costly bank transfers, stablecoins become more than a trading tool. They are used to pay, save, receive a salary or transfer money between countries.
Activity explodes, but POL token remains on the sidelines
The growth of stablecoins does not yet clearly benefit the price of POL crypto. Polygon's native token remains under pressure despite the increase in transactions and the repositioning of the network. This discrepancy shows that the use of a blockchain does not automatically guarantee an increase in its token. Users can transfer USDC or USDT while only keeping a minimal amount of POL to pay fees.
Polygon also continues to face strong competition. Ethereum and Tron still host the largest stablecoin reserves. Solana, for its part, attracts high-speed applications, traders and services intended for artificial intelligence agents. The real test will therefore be over time. Polygon will need to maintain its lead in the number of transactions and attract more companies. It will also have to transform this activity into sustainable income for its ecosystem.
The $79.25 billion processed in May nevertheless marks a milestone. Stablecoins are gradually leaving trading platforms to become payment infrastructure. Polygon is getting a head start, but Solana is already preparing for the next battle with automated payments.
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