Polygon extends Open Money Stack to Solana network

Polygon Labs has expanded its Open Money Stack to the Solana network. This move allows businesses building on Solana to accept funding from bank accounts using the platform. The expansion follows the addition of Tron support and Polygon's acquisition of Coinme. Polygon Labs is extending its stablecoin payments infrastructure to Solana for the first time. Through the platform, a Solana business can connect bank, card, cash, and crypto funding routes and deliver payouts into banks, cards, or wallets. The latest expansion adds access to bank, card, and cash funding through the same integration as before.

Marc Boiron, CEO of Polygon Labs, stated that customer demand and stablecoin activity drove the decision to expand to Solana. He noted that businesses do not want to force a chain choice or stitch together multiple providers for each network. Boiron also stated that Kira is among the first customers using the Solana integration. Sandeep Nailwal, co-founder and CEO of the Polygon Foundation, stated that adding Solana lets more businesses build on the network their customers choose. Vibhu Norby, chief product officer of the Solana Foundation, stated that connecting Solana to bank accounts allows businesses to deliver stablecoin payments to more customers and markets.

Solana recorded approximately $5.76 trillion in stablecoin transfers between January 1 and October 27. Tron recorded approximately $6.94 trillion in stablecoin transfers between January 1 and October 27. Polygon's Trails service has supported transfers between Solana and Ethereum-compatible networks since August. The broader Open Money Stack was previously available for eligible uses on Polygon, Ethereum, and other EVM networks. Polygon's acquisition of Coinme gave its US payments business access to 37 money transmitter licenses and 11 state exemptions covering 48 states.