Polygon Captures 70% of Non-USD Stablecoin Activity Amidst Surging On-Chain Payments

Singapore – Polygon, a leading blockchain scaling platform, has emerged as a dominant force in the non-USD stablecoin market, reportedly supplying more than half of all such digital assets. This significant market share is underscored by a lifetime FX transfer volume exceeding $3.2 billion, signaling a strong product-market fit for on-chain payments, particularly within developing economies at a global scale.

"Polygon supplies more than half of all non-USD stablecoins, with a lifetime FX transfer volume of $3.2B+", Polygon announced via its official social media. "A strong indicator onchain payments are finding real product–market fit in developing economies, at global scale."

Recent data confirms Polygon's pivotal role, with the blockchain hosting approximately 70% of all non-USD stablecoin activity. This dominance is particularly pronounced in Latin America, which accounts for 55% of the total non-USD stablecoin market, significantly outpacing Southeast Asia and Africa combined. Brazil stands out as a primary driver of this adoption, leveraging local currency digital assets.

The growth of non-USD stablecoins reflects a broader shift towards diversified digital currencies, driven by regulatory clarity and increasing demand for localized digital payment solutions. While USD-backed stablecoins still command the majority of the overall market, non-USD alternatives are gaining traction by offering practical advantages, such as eliminating currency conversion requirements and reducing exposure to dollar-denominated volatility for local users.

On-chain payments are increasingly finding utility beyond speculative trading. Stablecoins are facilitating real-world applications including cross-border payments, remittances, and business-to-business (B2B) transactions. A recent study revealed over $94.2 billion in stablecoin payments settled between January 2023 and February 2025, with B2B payments representing the largest category, followed by peer-to-peer (P2P) and card-linked payments.

The efficiency and lower costs associated with stablecoin transfers are proving transformative, especially in regions with volatile local currencies or limited access to traditional financial services. Polygon's technical architecture and cost structure are well-suited to these regional demands, contributing to its strong performance in this evolving segment of the digital economy.