Newsletter
- Polygon Labs has extended its Open Money Stack – a set of stablecoin payment tools – to Solana.
- The platform aims to integrate the complex processes in encrypted payments, which originally require collaboration among multiple service providers, into a single connection.
- This move aligns with the growth momentum of Solana in the payment sector and also continues the advancement of Polygon's payment business, including its acquisition of Coinme.
Polygon Labs is expanding its stablecoin payment infrastructure to Solana, enabling businesses on this competitive network to receive payments from bank accounts, transfer encrypted assets between different chains, and make payments to customers and suppliers around the world through a single connection.
The company stated that this expansion marks the first time its payment tool portfolio Open Money Stack has entered the Solana market.
This solution attempts to address a long-standing pain point in encrypted payments: sending tokens themselves is not difficult, but to transfer funds from a bank account to a wallet, complete the exchange, and then finally to the recipient's bank account, it is usually necessary to rely on multiple service providers, each with their own technical integration and contractual requirements.
Open Money Stack integrates these processes into a single technical connection and a layer of business relationship. Enterprises can adopt the entire solution or connect individual modules to their existing systems.
Through this platform, enterprises within the Solana ecosystem can access various sources of funds such as banks, bank cards, cash, and crypto assets. They can create embedded wallets to route and convert funds between networks including Polygon, Ethereum, and Tron, and make payments to bank accounts, bank cards, or wallets. For example, a remittance service provider can collect dollars from the remitter, transfer them to USDC on Solana, and connect the recipient to the bank's withdrawal channels.
Polygon Foundation, co-founder and CEO, and Sandeep Nailwal stated: "Every bank and fintech company that wants to use encryption technology faces the same problem: how to connect them to the accounts and payment systems that customers are already using." He also mentioned that by integrating with Solana, more enterprises will be able to build on the networks chosen by their customers.
Cross-border payment company Kira is one of the first enterprises to adopt Solana through this system. The company uses this platform to help customers convert stablecoins into US dollars in their bank accounts, which are then used to pay overseas suppliers.
According to the data from Solana Foundation, this move also reflects that the attractiveness of Solana as a payment network is on the rise; since the beginning of this year, the volume of stablecoin transactions processed by this network has exceeded 5 trillion US dollars.
Recently, with the participation of JPMorgan Chase, this network has launched a set of institutional settlement standards and has also rolled out an upgrade to Alpenglow. For Polygon, this expansion is also part of its broader push to advance its payment services, which includes the acquisition of the cryptocurrency cash company Coinme.
