Polygon Expands Open Money Stack To Solana Network

Polygon Labs is expanding Open Money Stack, its suite of services connecting bank accounts, crypto wallets and payouts, to the Solana network, according to Cointelegraph. The expansion enables businesses building on Solana to accept funding from bank accounts, provide customer wallets, and arrange payouts.

Polygon Labs CEO Marc Boiron stated that customer demand and stablecoin activity drove the decision to expand to Solana and, earlier in the month, to Tron. Token Terminal data shows that Solana recorded about $5.76 trillion in stablecoin transfers between Jan. 1 and Oct. 27, while Tron recorded $6.94 trillion over the same period.

Integration Details

“As that activity grows, connecting Solana to bank accounts, wallets and global payout networks allows businesses to deliver stablecoin payments to more customers and markets,” said Vibhu Norby, chief product officer at the Solana Foundation.

Polygon’s Trails service has supported transfers between Solana and Ethereum-compatible networks since August. The latest expansion adds access to bank, card and cash funding, customer accounts, embedded wallets and payouts through the same integration, according to Boiron. Kira, a provider of US dollar accounts and stablecoin-based cross-border payment services to businesses, is among the first customers using the Solana integration.

Strategic Growth

The Solana expansion follows Polygon’s completed acquisition of Coinme, which provided its US payments business with access to 37 money transmitter licenses and 11 state exemptions covering 48 states. The broader stack was already available for eligible uses on Polygon, Ethereum and other Ethereum Virtual Machine networks.

Key facts

• Polygon Labs expanded Open Money Stack to the Solana network following support for Tron.
• Solana recorded roughly $5.76 trillion in stablecoin transfers between Jan. 1 and Oct. 27.
• Kira is among the first corporate customers using the Solana integration.
• The expansion follows Polygon's completed acquisition of Coinme.