Polygon processed nearly $80 billion in stablecoin transfer volume during May, recording 198 million transactions and surpassing both Solana and BNB Chain in transaction count. The milestone marks the network’s second-highest monthly stablecoin volume on record.
According to Polygon’s data, the network handled approximately $79.25 billion in stablecoin transfers during the month. Cumulative stablecoin transfer volume on Polygon has now exceeded $2.4 trillion. Average transaction fees remain around $0.002, with settlement times of about two seconds. The network also reports more than seven billion lifetime transactions and 99.99% uptime.
The vast majority of activity came from USDC and USDT transfers, reflecting the growing use of stablecoins for blockchain-based payments and settlement. Polygon has continued to strengthen its payment infrastructure through acquisitions and partnerships. Earlier this year, Polygon Labs acquired Coinme and Sequence in deals valued at a combined $250 million, aimed at expanding consumer payments and developer services.
Visa added Polygon to its stablecoin settlement pilot in April, a program that has reportedly reached a $7 billion annualized run rate. Meta also introduced USDC payouts on Polygon and Solana for eligible creators. Payment-focused applications built on Polygon generated about $9.9 billion in transaction volume during the first half of 2026, exceeding the network’s total payment-related volume for all of 2025.
In emerging markets, Polygon processed approximately $309 million in Latin American stablecoin transfers during May, with an increasing focus on cross-border payments. Despite these growing on-chain metrics, the POL token has not mirrored the surge in usage, trading broadly in line with broader cryptocurrency market conditions.
Solana also posted strong on-chain data during the same period, generating about $2.17 million in daily application revenue. Derivatives data showed SOL funding rates turning positive and the long-to-short ratio rising above one, indicating bullish positioning among traders. However, institutional demand remained weaker, with spot Solana ETFs recording about $3.8 million in net outflows during the previous week.
SOL traded around $71.82, remaining below its 50-day, 100-day, and 200-day exponential moving averages. Analysts noted resistance near $74.75 and $75.14, while support sits near $69.16 and the recent cycle low around $60.13. Singapore Gulf Bank also announced a limited-time waiver of gas and banking fees for stablecoin minting and redemption on Solana, aiming to encourage greater use of stablecoins on the network.
Competition remains intense, with Ethereum and Tron holding the largest stablecoin balances. Polygon recently reported about 28 million weekly USDC transactions, placing it ahead of Solana in that category. Both blockchains continue to expand payment services while vying for a larger share of stablecoin settlement activity.