The post Polymarket, Web3 apps boost stablecoin activity on Polygon appeared on BitcoinEthereumNews.com.

Stablecoin usage on Polygon remains high among retail users. This type of activity has kept the chain relevant. It is one of the older L2 chains, working both with its legacy chain and the new Polygon ZK EVM.   Polygon is still one of the primary chains for stablecoin transfers. The L2 has legacy status, mostly based on its collection of apps and games. Based on stablecoin statistics by VISA, it remains a strong venue for stablecoin users. However, the recent shift toward newer L2 chains affected the status of the original Polygon chain as an already established Web3 tool. Stablecoin balances shifted, with peak activity moving to TRON, Solana, and BNB Smart Chain. L2 chains lagged behind, mostly enjoying niche usage for DeFi trades or loans. Even Ethereum lagged in terms of activity based on USDT and other stablecoins. Liquidity on L2 is often siloed, meaning the stablecoins on Polygon are not likely to be withdrawn to other networks after bridging.  Notably, most exchanges and brokerages accept the Polygon version of stablecoins. The network also mostly sees inflows of bridged ETH, valued at $1.27B. It remains among the 5 most active chains in terms of inflows and outflows with Ethereum.  Stablecoin activity continues to thrive For Polygon, it was a chance to shine as the most active L2 for payments, trading, and opening positions on Polymarket. In the past year, the network carried more than 82M organic transactions, with 4.5M monthly active users on average. The chain supported more than 19M USDT sender wallets and around 14.4M USDC addresses.  The legacy Polygon POS chain is still a key venue for stablecoin transfers. | Source: VISA research Those addresses combined are almost equal to the number of stablecoin wallets interacting on Ethereum and surpass the wallets on Solana. More than 25M wallets…

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Filed under: News - @ January 15, 2025 2:21 pm