Polygon recorded nearly $80 billion in stablecoin transfer volume during May, while Solana continued to post strong application revenue despite mixed market signals. Both networks reported new milestones as competition among blockchain payment platforms continued to grow.
Polygon processed about $79.25 billion in stablecoin transfer volume during May. The network also handled approximately 198 million stablecoin transactions, making it the blockchain with the highest transaction count for the month.
The May total became Polygon's second-highest monthly stablecoin volume on record. The network stated that it moved ahead of Solana and BNB Chain in transaction count during the period. Polygon also reported that its cumulative stablecoin transfer volume has now exceeded $2.4 trillion.
The network said average transaction fees remain around $0.002. It also reported settlement times of about two seconds, more than seven billion lifetime transactions, and 99.99% uptime.
The majority of activity came from USDC and USDT transfers. Stablecoins continue to account for a large share of blockchain payment activity as businesses and users expand their use of digital dollar payments.
Polygon has continued to focus on payment infrastructure. The company has built new tools for stablecoin payments and completed acquisitions aimed at expanding its payment ecosystem.
Earlier this year, Polygon Labs acquired Coinme and Sequence in deals valued at a combined $250 million. The company said those acquisitions support consumer payments and developer services.
Visa also added Polygon to its stablecoin settlement pilot during April. The payment program 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. That figure exceeded the network's total payment-related volume recorded during all of 2025.
Polygon has also expanded activity in emerging markets. The network processed about $309 million in Latin American stablecoin transfers during May while increasing its focus on cross-border payments.
Despite rising network activity, the POL token has not matched the increase in on-chain usage. Stablecoin transfers and payment activity continued to grow while the token traded without a similar upward move.
Polygon reported that non-peer-to-peer stablecoin volume increased by 66% over a recent period. Even so, the token continued to move in line with broader cryptocurrency market conditions.
Competition also remains strong. Ethereum and Tron continue to hold the largest stablecoin balances, while several blockchain networks are expanding payment infrastructure to capture more transaction volume.
Polygon recently reported that it processed about 28 million weekly USDC transactions, placing it ahead of Solana in that category.
Solana also posted encouraging on-chain data during the same period. The network generated approximately $2.17 million in daily application revenue, $19.01 million over one week, and about $85.5 million during the past month.
Derivatives data also improved. CoinGlass reported that SOL funding rates turned positive, while the long-to-short ratio rose above one. Both indicators suggested that traders increased bullish positioning.
However, institutional demand remained weaker. According to SoSoValue, spot Solana ETFs recorded about $3.8 million in net outflows during the previous week.
SOL traded around $71.82 while remaining below its 50-day, 100-day, and 200-day exponential moving averages. Analysts continue watching resistance near $74.75 and $75.14, while support remains near $69.16 and the recent cycle low around $60.13.
Separately, Singapore Gulf Bank announced a limited-time waiver of gas and banking fees for stablecoin minting and redemption on Solana. The bank said the initiative aims to encourage greater use of stablecoins on the network.
Although Polygon reported leading stablecoin transaction activity during May, Solana continues to record strong application revenue and active network usage. Both blockchains remain focused on expanding payment services while competing for a larger share of stablecoin settlement.
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