Polygon closed the second quarter of 2026 with an all-time high of 743 million transactions, marking a 160% increase from the same period last year. The milestone was confirmed by Blockworks and Polygon team member Abhinav Sharma.
Driving the record is the network’s aggressive push into stablecoin payments infrastructure. In May alone, Polygon processed $79.25 billion in stablecoin transfer volume across 198 million transactions, topping all blockchains by stablecoin transaction count and surpassing rivals Solana and BNB Chain. Cumulative stablecoin transfer volume on the chain now exceeds $2.4 trillion, with an average fee of just $0.002 and two-second confirmations.
The growth is fueled by real-world payment use cases: Credible Finance processed over $152 million in payments across the U.S., India, Brazil, and Germany, while the network handled $309 million in Latin American stablecoin volume, often used as a hedge against local currencies. Polygon’s Open Money Stack enables payouts in local currencies via bank deposits, cash pickups, or crypto transfers.
Despite record usage, the native token POL has not reacted positively. Trading near $0.073, it remains 94% below its March 2024 high of $1.29, with a market cap of about $779 million. Total value locked in DeFi protocols stands at $916 million, with $3.38 billion in circulating stablecoins and 554,000 daily active addresses. Polymarket is the largest DeFi protocol by TVL at $391 million. Analysts suggest liquidity fragmentation against chains like Tron and Ethereum contributes to the price divergence.
