State of Stablecoins
Value-Sending & Receiving Wallets on polygon
Current (June 2025)
68.4M
↑ 28.5% YoY
Peak (May 2025)
71.6M
Recent all-time high (since Sept 2023)
12-Month Average
51.5M
Sustained growth
Value Engaging Wallets
What Are Value-Sending and Receiving Wallets?
Traditional "active wallet" metrics only count wallets that pay gas fees, missing millions of real users. Value-sending and receiving wallets include any wallet that transfers NFTs, tokens, or other digital assets-even if they don't pay gas directly. For example, when users trade NFTs on OpenSea, the platform pays gas on their behalf, making 13.1 million traders appear as just one "active" wallet in traditional metrics. Our enhanced methodology captures these real users, revealing Polygon's true adoption scale.
Performance Summary
Polygon demonstrated remarkable resilience and growth momentum, reaching 68.4 million active wallets in June 2025—an 8.7% increase from June 2024's 62.9 million. The network showcased its recovery strength with an exceptional 166% surge from February to May 2025, culminating in a peak of 71.6 million wallets. Throughout the year, Polygon maintained a robust average of 51.5 million monthly active wallets, with particularly strong performance in Q4 2024 (70.9 million in December) and Q2 2025 (averaging over 57 million). This comprehensive measurement approach—capturing NFTs, token transfers, and gasless transactions—reveals Polygon's true user engagement far exceeds traditional estimates, confirming the ecosystem's strong growth trajectory and market position.
stablecoins Ecosystem Performance on polygon
Driving real-world utility through efficient value transfer
Monthly Volume
$110.1B
↑ 617% YoY
Total Supply
$2.76B
↑ 32% YoY
Velocity
40x
Monthly circulation
P2P Volume
$13.6B
↑ 143% YoY
Peer-to-Peer Transfer Volume ($B)
What Makes Polygon's Stablecoin Success Story?
Stablecoins on Polygon have evolved from simple value storage to become the backbone of a thriving financial ecosystem. With $110.1 billion in total monthly transfer volume (June 2025) against $2.76B in supply, Polygon achieves an industry-leading velocity of 40.0x. Peer-to-peer transfers grew 143% YoY to $13.6B monthly, representing genuine retail adoption through remittances, payments, and everyday transactions.
Performance Highlights
Transfer volume surged 617% year-over-year from $15.4B in June 2024 to $110.1B in June 2025, with a peak of $142.9B in May 2025. The P2P component shows strong growth at 143% YoY, rising from $5.62B in June 2024 to $13.64B in June 2025. USDC P2P volume grew 169% YoY to $6.28B, while USDT grew 118% to $6.66B. DAI showed the strongest growth at 221% YoY, reaching $0.71B. The balanced distribution between USDC (46%) and USDT (49%) in P2P transfers demonstrates healthy competition and diverse use cases across the ecosystem.