📝 Editor’s Note: Setting the Scene

Welcome to OurNetwork's fourth Mega issue on Polygon, a network which has come a long way since we first collaborated in May 2024.

Stablecoins have been a key source of momentum for Polygon — aside from having nearly $2B in stables on the network, Polygon is a leader in stablecoin velocity, an emerging indicator of economic health and widespread adoption.

Polygon also continues to be a consistent choice for payments adoption from both crypto-native projects and legacy institutions. In fact, the state of Wyoming recently chose Polygon for its upcoming stablecoin.

Polygon Labs, a key development firm in the Polygon ecosystem, is a core contributor to the Agglayer, a cross-chain settlement layer that connects the liquidity and users of any blockchain for fast, low cost interoperability and growth. Agglayer solves a key pain point of crypto — the high friction of moving assets across chains. Multiple teams, including Lumia, a Polygon CDK-powered Layer 2 focused on Real World Assets, are already connected to the Agglayer.

There's a lot to unpack in this one — a major shoutout to work from the data studio spaceharpoon to get this report together. Let's get into it.

– ON Editorial Team

• Polygon dominates stablecoin transfer velocity with ~50 transfer counts per $1 of total value locked (TVL) over 365 days, far ahead of Solana, Optimism, Base, Arbitrum, and Ethereum. Its efficiency challenges TVL’s focus, as high velocity shows active use. Experts suggest a "Network Utility Score" to measure economic activity better. Polygon’s low-cost, fast transactions drive USDC, USDT, and USDS activity, setting a new standard for chain health.

• Polygon’s stablecoin velocity hit 6.46 over 30 days, leading despite modest TVL, while Ethereum’s $50B+ TVL shows near-zero activity, per the scatterplot below. Solana trails at 3.05. Polygon’s efficiency drives payments, questioning TVL’s value — should velocity redefine chain health?

• Polygon’s USDC stablecoin velocity peaked at 0.27 transfer counts per $1 TVL, leading over 365 days. This consistency underscores Polygon’s role as crypto’s superhighway for real-world payments and commerce.

• Cypher's Crypto Card hit $331.37k in stablecoin volume on Polygon by Feb 17, 2025, with $320.58k in USDC. Polygon’s Proof-of-Stake (PoS) chain enables fast, low-cost USDC payments for everyday purchases. The card’s success shows rising demand for real-world crypto spending, with Polygon’s high throughput and low fees making it ideal. Cypher leads in bridging crypto and traditional finance through seamless payment solutions.

• Ramp MoonPay processed $1.22M in stablecoin volume on Polygon by Nov. 4, 2024, per the chart below. Polygon’s PoS chain powers efficient, seamless crypto on-ramping, underscoring its growing role in real-world stablecoin transactions.

• Cypher Crypto Card’s USDC volume on Polygon peaked in early 2024, showing consistent activity. This highlights Polygon’s Proof-of-Stake efficiency for real-world crypto payment solutions.

• Polygon ranks second by RWA asset count, behind only Ethereum and holds a 2.7% market share in RWA tokenization, valued at $277.63M, up from $177M in January 2025. Over the past 30 days, RWA value grew 1.96%, with holders up 0.08% to 1,238. Stablecoin market cap rose 3.79% to $638.34M, with 1.61M holders, up 6.44%.

• Polygon’s RWA ecosystem is led by USDC-issuer Circle, contributing $491.99M, 63.5% share of RWA value. Spiko, focused on US treasuries, holds $126.04M, a 16.2% share. MBMercado —$69.06M, at a 8.92% share— offers private credit, while Securitize is at $49.10M (6.30%) and Franklin Templeton is at $32.70M (4.22%) provide tokenized assets.

• The RWA market is projected to hit between $2T and 18.9T by 2033, led by tokenized real estate and credit. Additionally, regulatory clarity in 2025 is broadly anticipated to add momentum to the RWA space as blockchain, AI, and DeFi integrations are set to boost adoption, efficiency, and boost new investment opportunities.

• Courtyard, a platform for tokenized collectables, reached $56M in sales on Polygon in March 2025, with a top sale of $964,694 for a 1989 Topps Traded Barry Sanders card. Polygon’s PoS efficiency powers tokenized collectibles, enabling NFT-based trading of sports cards. Courtyard’s success shows mainstream adoption of digitized assets, but maintaining trust in the storage and volatility of NFTs still pose challenges.

• Courtyard’s top Polygon sales — three 2023 Panini Prizm #343 Anthony Richardson Autograph-Camo cards at $7.01k each, two 2018 Panini Select #201 Shai Gilgeous-Alexander Tie-Dye Prizm cards at $6.88k each. The sales show strong demand for sports collectibles as NFTs.

• Courtyard’s Polygon collectibles saw traders drop 28.27% to 2.89k and sellers fall 37.58% to 1.5k, signaling reduced supply or consolidation. Yet, market cap rose 6.03% to $718.86k, floor prices grew 8.15% to $5.99, and average prices increased 21.59% to $64.17.

• GEODNET, a DePIN network for high precision Global Navigation Satellite System (GNSS), hit 7.72M GEOD staked on Polygon by Apr 7, 2025, showing strong DePIN network support. GEOD is GEODNET's native token. Staking it aids GNSS corrections for agriculture & robotics, using Polygon’s PoS efficiency. Growth from 2M GEOD since Aug 2023 reflects trust, but scalability and adoption remain key challenges.

• GEODNET burned over 1M GEOD tokens in April 2023 on Polygon, with burns peaking again in late 2024, per chart. This shows DePIN network growth, boosting scarcity while aiding GNSS corrections for apps on Polygon’s PoS chain.

• GEODNET on Polygon has 3,498 owners holding 8,354 location NFTs. This reflects growing adoption of its DePIN network, enabling precise GNSS corrections for consumer applications.