Welcome back to the Polygon Weekly Overview, the best place for the Polygon community to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place. 

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The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.

🟪 What happened: Polygon's stablecoin supply reached a new all-time high of $3.33 billion on March 12. 

Additionally, the network recorded 472.1 million stablecoin transfers in February, marking the fifth consecutive month of all-time highs, processing $34 billion across USDC, USDT and DAI. FX stablecoin volume also hit a record $566.35 million in February, led by APAC and LATAM corridors, and European stablecoins reaching new highs as well.

🟪 Why it matters: The network seeing stablecoin market cap consistently increasing to new highs as broader crypto markets remain under pressure due to geopolitical concerns is a meaningful signal of resiliency. 

The trend suggests that Polygon's stablecoin growth is tied to usage across payments, remittance, and settlement rather than broader market cycles. 

Payment apps and neobanks continued to draw consumers and institutions for stablecoin use cases. Payment app volume remained broadly distributed across remittance platforms, neobanks, and institutional settlement providers.

Avenia processed $301.7 million in February as a key remittance and settlement layer. Paxos handled $228.9 million in institutional flow. Rain Card recorded $101.1 million and Nexo saw $95.4 million as users spent stablecoins directly through card-based products. 

Lemon Cash processed $67.8 million, continuing to serve as a major crypto-to-fiat gateway in Latin America, while Revolut processed $60.1 million. 

Lastly, Coinflow facilitated $95.2 million, and Moonpay processed $44.9 million.

Cross-border remittance and FX stablecoin activity also rose. AUDF alone processed $271.9 million, indicating that the Australia-Singapore corridor is moving meaningful institutional and retail money on-chain. LATAM stablecoins added another $187 million combined across BRL1, BRLA, and BRZ, while JPYC and XSGD saw growing yen and Singapore dollar payment activity in APAC. 

These stablecoins represent distinct corridors with different user bases and operational needs, which is consistent with payment providers integrating stablecoins for operational purposes.

🟪 The big picture: Crypto markets have pulled back over the past two quarters, but stablecoins remain in strong demand. The gap indicates structural demand driven by real-world payment infrastructure. The network’s TVL stands at $1.17 billion as of March 12, up 69.54% year over year, indicating that capital is staying on the chain despite price headwinds.

March is looking strong. Polygon saw 234.1 million stablecoin transactions as of March 12, and more than a million active addresses  moved $1.5 billion on March 10. Last month's record may not hold for long.

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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.