Polygon Extends Its Stablecoin Payments Infrastructure to Solana

Polygon Labs is extending its stablecoin payments infrastructure to Solana, giving businesses on the rival network a single connection to pull money in from bank accounts, move crypto across chains, and pay out to customers and suppliers worldwide.

The company said the expansion brings its Open Money Stack, a bundle of payments tools, to Solana for the first time.

The pitch addresses a persistent headache in crypto payments: sending the tokens is the easy part, but getting money from a bank account into a wallet, converting it and landing it back in a recipient’s bank account typically requires stitching together several providers, each with its own integration and contract.

Open Money Stack collapses that into one technical connection and one commercial relationship, with businesses free to adopt the whole thing or mix individual pieces into their existing systems.

Through the platform, a Solana business can connect bank, card, cash, and crypto funding routes, spin up embedded wallets, route and convert funds across networks including Polygon, Ethereum and Tron, and deliver payouts into banks, cards, or wallets. A remittance provider, for instance, could take dollars from a sender, deliver USDC on Solana, and connect the recipient to a bank payout.

“Every bank and fintech that wants to use crypto faces the same problem: connecting them to the accounts and payment systems its customers already use,” said Sandeep Nailwal, co-founder and CEO of the Polygon Foundation, adding that adding Solana lets more businesses build on the network their customers choose.

Cross-border payments firm Kira is among the first to adopt Solana through the stack, using it to help clients turn stablecoin transfers into dollars in their bank accounts to pay overseas suppliers.

The move reflects Solana’s growing pull as a payments venue, having processed more than $5 trillion in stablecoin volume this year, per the Solana Foundation.

The network recently rolled out an institutional settlement standard with input from J.P. Morgan and went live with its Alpenglow upgrade. For Polygon, the expansion builds on its broader payments push, including its acquisition of crypto-cash firm Coinme.

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Source: Decrypt