Interview | Polygon’s Gupta says ‘stablecoins are no longer an experiment’

Stablecoins are emerging as a key building block for financial innovation, and Polygon is at the forefront. In this interview, we spoke with Aishwary Gupta, Global Head of Payments, Exchanges & Real World Assets at Polygon.

We discussed the surging adoption of stablecoins on the network, which saw a 23.3% increase in supply and a 30% rise in active wallets in Q1 2025. Driven by integrations with giants like PayPal and Stripe and bolstered by growing regulatory clarity, this momentum signals a major shift from speculative use cases toward real-world utility.

Gupta also explains how Polygon is pushing to make stablecoin transactions as seamless as Venmo. We also explored Polygon’s strategic expansion into non-USD currencies, and why the network’s technical infrastructure, highlighted by low fees, fast finality, and the AggLayer, gives it a unique advantage over competitors.

He also delves into the network’s role in merging stablecoins with tokenized real-world assets, engaging institutions like Fidelity and government entities such as the state of Wyoming. As adoption accelerates, Gupta paints a vision of a future where crypto payments become invisible, intuitive, and part of everyday life for billions.

Below is the full Q&A with Aishwary Gupta.

crypto.news: Polygon’s stablecoin supply expanded by 23.3% in Q1, with active stablecoin wallets also rising 30%. What were the primary drivers behind this growth, and how do you plan to sustain or accelerate it going forward?

Aishwary Gupta: Yeah, it’s been kind of the perfect storm. A few big things came together that really pushed that growth.

First off, we’ve seen major players like PayPal and Stripe go all-in. When PayPal’s stablecoin, PYUSD, shot past $1 billion in market cap that fast, and Stripe started letting businesses accept USDC on Polygon—that kind of momentum sends a strong message to the market. It basically says, “Hey, this isn’t just an experiment anymore.”

There’s also a growing realization that stablecoins can actually power profitable, real-world business models—especially for payments and remittances. Companies are seeing they can offer faster, cheaper services than traditional finance ever could.

And then on the regulatory front, things have gotten a lot more encouraging. Europe has been putting clearer rules in place, and even in the US, policy has started to shift in a way that makes traditional institutions more comfortable getting involved.

As for keeping that growth going? We have already expanded our team for Payments with 3 dedicated full time resources just focussing on payments. This has enabled us to go deeper into payment partnerships which we have been closing now. A lot of major names in the upcoming days will be seen using Polygon as a chain for their payments side. We are also going deep into Non-USD currencies and in this year itself we will have around 15 non- USD currencies. We are already locked. And of course, we’re always working to keep Polygon the fastest, lowest-cost infrastructure out there—because that’s really the foundation of everything else.

CN: Who are the new users driving stablecoin activity on Polygon and can you offer stats breakdowns between retail users, businesses, institutions, or others? And what strategies are in place to further grow this active user base?

AG: We’re seeing a really diverse mix of users driving stablecoin activity on Polygon, and the most exciting part is how much of that growth is coming from outside the usual crypto circles.

A large portion of this momentum is coming from businesses that haven’t traditionally been involved in digital assets. These are companies that, until recently, were sitting on the sidelines. Now, with regulatory clarity improving in regions like Europe and the United States, traditional financial institutions are starting to explore stablecoins in a serious way. They’re realizing there is a clear opportunity to modernize their operations and offer better services to their users.

Much of the interest is centered around practical use cases such as remittances and international payments. These companies are looking for ways to make transactions faster, more affordable, and more accessible. A great example is the way US-based businesses are already using Stripe to pay contractors around the world in USDC on Polygon. That is not a future scenario, it is something happening right now and solving real-world challenges.

Although we are not publicly sharing a full breakdown of users by category just yet, the trend is clear. Retail users continue to be an important part of the ecosystem, but there is strong and growing activity from businesses and institutions. These users are not just experimenting. They are building meaningful products and services on top of stablecoin infrastructure.

To continue growing this user base, our focus is on a few core areas. We are expanding integrations with major platforms like Stripe, Revolut, Grab, Lemon Cash etc which lowers the barrier for businesses to get started. We are also making cross-chain transactions feel completely seamless through the Agglayer, so users do not have to worry about the complexity of blockchain architecture. At the same time, we are supporting the development of yield-bearing stablecoins, which offer institutions a way to improve capital efficiency. And finally, we are staying closely engaged with both regulators and enterprise partners to ensure the environment continues to support this kind of adoption.

The goal is not just to increase the number of users, but to empower a new class of participants who see stablecoins as part of their long-term strategy.

CN: Polygon has been described as “the Venmo layer, but for crypto.” What needs to happen to make sending a stablecoin on Polygon as simple as a Venmo payment, whether in terms of wallets, UX, or integrations?

AG: That’s a great way to describe it, and honestly, that’s exactly the kind of experience we’re working toward. If sending a stablecoin on Polygon can feel as simple and seamless as sending a Venmo payment, we know we’ve done our job.

To get there, the most important thing is removing the complexity that comes with using blockchain today. Right now, things like wallet management, gas fees, and chain selection still create a lot of friction for everyday users. Most people don’t want to think about those things, they just want to send money quickly, safely, and without jumping through hoops.

That’s where our relationships with established payment platforms come in. Companies like Stripe and Revolut already provide the kind of user-friendly experiences people are used to. By plugging into those trusted systems, we can offer the power of blockchain under the hood without putting the burden of that complexity on the user.

The Agglayer is another key piece of this vision. From the user’s point of view, it creates a unified environment where value can move easily, no matter which chain it’s actually running on. You don’t have to think about what chain you’re using or which bridge to take—it just works.

Account abstraction also plays a huge role here. It allows things like gasless transactions, social logins, and programmable permissions that make crypto apps feel a lot more like the apps people already use every day. Combined with the Agglayer, it helps create an experience where sending value is as natural and instant as sending a message.

So really, it’s not about asking users to change their behavior. It’s about meeting them where they already are, with tools that feel familiar but are powered by something much more powerful behind the scenes. That’s how we make the “Venmo of crypto” a reality.

CN: What are Polygon’s biggest technical advantages in the stablecoin payments space, especially compared to alternatives like Tron or Solana, and how do features like low fees, fast finality, and Agglayer interoperability support this edge?

AG: It really comes down to a few key things.

First, our cost efficiency is a huge advantage. With an average transaction cost of around $0.015, microtransactions and high-volume payments become economically viable. Second is speed and security. We provide fast network finality with frequent validity proofs, so transactions settle quickly and securely. 

Polygon PoS is already the leading chain for app activity, handling almost 30% of all transactions. The AggLayer takes these advantages and supercharges them by enabling unified liquidity and near-instant cross-chain transactions. And finally, our EVM compatibility ensures that developers can seamlessly integrate with the most trusted tools and infrastructure, which is absolutely critical for getting institutional and enterprise on board.

CN: Big industry players are integrating with Polygon. For example, Stripe cited low fees and speed as key reasons for enabling USDC payments on Polygon. How do these partnerships validate and enhance Polygon’s role in the stablecoin ecosystem, and what opportunities have they unlocked?

AG: When a company like Stripe chooses Polygon, it’s a massive vote of confidence. It proves our infrastructure is ready for primetime—that it can handle real money, at scale, for mission-critical operations.

But it’s more than just validation. These partnerships create a powerful network effect. They open up access to millions of users on established platforms. This, in turn, attracts more developers and users to build on Polygon, which fuels even more ecosystem growth.

It’s a flywheel that just keeps spinning faster.

CN: Real-world asset tokenization is gaining traction, and Polygon now hosts over $270 million in tokenized RWA value. How do stablecoins intersect with RWA adoption on Polygon, and what role does the network play in bridging the two?

AG: They’re two sides of the same coin, really. Both are about tokenizing real-world value and bringing it on-chain. You can think of it this way: RWA is the tokenized asset, and stablecoins are the essential liquidity layer — the “cash” — needed for trading and settlement. 

We are essentially playing an important role by marrying stablecoin growth with RWA and also expanding globally to have platforms and applications supporting Polygon. We already dominate in the US markets but in the upcoming days we will see much more asset issuances on Polygon globally to enable us to expand in new jurisdictions. We are also now not just focussed on asset issuances, but also utility and distribution. If you look at the Apollo ACRED activation in DeFi with Morpho and Gauntlet, that marks the first profitable use case ever done on a chain where you can earn returns via a looping strategy. Now this strategy is also getting unlocked globally with some new partners as well. 

CN: With traditional institutions like Fidelity testing tokenized money market funds and Wyoming launching a state-backed stablecoin on Polygon, how is your team engaging with enterprise and government stakeholders to position Polygon as a compliant and trusted platform for institutional stablecoin use?

AG: Our role is to be a trusted advisor and a technology provider. We work hand-in-hand with these projects, focusing on providing the infrastructure and support they need to build compliant implementations. 

We’re working closely with these regulated institutions to empower them to create and issue their own on-chain tokenized assets. Our approach is all about providing deep technical guidance and infrastructure support, while our proven track record with major brands gives them the confidence that they’re building on a platform that’s tested and trusted. 

CN: From your perspective, what excites you most about the next phase of stablecoin and crypto payments growth on Polygon? Are there any upcoming milestones or use cases you think will be especially important over the next 12–18 months?

AG: What excites me the most is that we are not chasing numbers and headlines. What we are working towards as a chain is sustainable businesses. We are focussing towards, how new money legos can be unlocked, (Vault Bridge for example), sustainable and long term partnerships can be built enabling a sustainable business. We are working towards a goal where we want to push Polygon PoS as a chain which will house the most new assets, their utility and forex on the chain and our team is fully focussed towards it.

The AggLayer will be a major unlock here, enabling truly seamless cross-chain payments. Just think of the investment potential once the entire crypto ecosystem feels like a single, unified network. 

But perhaps most importantly, the integration with major consumer platforms is what will truly change the game. This is what makes crypto payments accessible to billions of people, many of whom may not even realize they’re using blockchain technology. This mainstream adoption is what will finally transform stablecoins from a niche technology into the primary rails for global payments.