In the narrative of Web3, we are accustomed to the myths of USDT and USDC. It seems that the end of Crypto is nothing but dollarization.

However, a recent set of data disclosed by Polygon is breaking this stereotype.

111 billion USD.

This is the historical total trading volume of "non-US dollar stablecoins" on Polygon.

Even more surprisingly, 43% of non-USD stablecoin transfers across the entire network occur on this chain.

This is not just a set of cold, hard data; behind it is a trend that is happening: global liquidity is returning to local currencies.

1️⃣When we talk about DeFi arbitrage, on the other side of the world:

A worker from Singapore is remitting money home using XSGD (Singapore dollar stablecoin).

A merchant in Brazil is settling payments using BRZ or BRLA (Real stablecoin)

A freelancer in Australia is receiving AUDF (Australian Dollar stablecoin)

On Polygon, the trading volume of XSGD reached 2.24 billion USD, while AUDF reached 2.46 billion USD.

These are not false prosperity on the blockchain, but real cross-border payments, invoice settlements, and commercial remittances.

People do not always want to exchange money for USD before making a transfer.

Because if it is possible to settle directly in the local currency, it not only saves on exchange rate losses, but also preserves monetary sovereignty.

2️⃣Why Polygon?
Polygon has effectively become a global "Local Payment Method (LPM) aggregator".

Why are these non-USD stablecoins clustered in Polygon?

The transfer cost is less than 1 cent, and the fact that it arrives in a few seconds is a compelling reason to use it.

Then when the Brazilian Real, Singapore Dollar, and Euro are all on the same chain, it is equivalent to achieving a liquidity aggregation effect.

No matter what fiat currency you are using, you can seamlessly exchange it on Polygon.

Then let's just stick to this chain.

My friend said that many people are using Global Road, so there's no need to bother exchanging for local currency, just exchange directly on Polygon and it's done.

For companies like Fintech, it has been proven that rather than interfacing with banks in every country, it is better to directly connect to Polygon.

3️⃣The IMF (International Monetary Fund) has warned multiple times that digital assets could lead to vulnerable currencies being "rapidly dollarized".

But this trend on Polygon offers a remedy: local stablecoins.

It allows local currencies to enjoy the benefits of blockchain technology (24/7, instant settlement) without having to relinquish pricing power to the USD.

➡️Polygon is not trying to challenge the status of the US dollar stablecoin; it is merely proving that the world of Crypto should not be one-dimensional.

Or to put it bluntly, there is only one stablecoin.

Instead, there should be a hundred flowers blooming and a hundred schools of thought contending.

In the future, global transfers may no longer require the behemoth known as SWIFT, nor will it necessarily have to go through New York; it may happen within a block of Polygon, using the hometown currency that everyone is most familiar with.

@0xPolygon