Polygon Leads Stablecoin Payments With $79.25B May Volume Despite Developer Slowdown

Polygon processed $79.25 billion in stablecoin transaction volume in May 2026, leading all blockchain networks with 198 million U.S. dollar-pegged transactions during the month. The network's competitive advantages include minimal transaction costs of approximately $0.002 per transfer and settlement times of about two seconds, making it increasingly attractive for payment applications.

Developer activity declined sharply across major blockchains during the same period, according to Santiment data. Ethereum recorded 6,100 weekly development events but experienced a 52% decline with only 25 active developers (down 96%). BNB Chain ranked second with 2,700 events (down 18%) and nine developers, while Polygon maintained third position with 2,200 events (down 23%) and five contributors. Solana followed with approximately 2,000 events (down 9%) involving six developers.