TLDR Polygon Labs has expanded its Open Money Stack payment services to Solana. The integration connects Solana businesses with banking services and global payment options. Businesses can man
Polygon Labs has added Solana to its Open Money Stack, giving businesses on the blockchain access to banking and stablecoin payment services through one connection. The rollout links two networks that have competed for users and developers.
The service lets companies accept money from several funding sources, create wallets, transfer digital assets between networks, and pay recipients through supported providers. Customers can keep their products on Solana while using Polygon’s payment tools.
Businesses can take deposits through bank transfers, cards, cash, or cryptocurrency. Open Money Stack can also convert dollars into stablecoins, move supported tokens across blockchains, and send funds to bank accounts or wallets. It supports USDC, USDT, and PYUSD stablecoins.
The agreement leaves both blockchains separate. “Businesses shouldn’t have to rebuild their payments infrastructure for every network,” Aishwary Gupta, Polygon Labs’ global head of business, told CoinDesk.
The announcement follows a USDC settlement test in Colombia. Circle and ACI Worldwide said on October 27 that they would examine how banks could use stablecoins alongside current payment systems.
Solana has processed more than $5.7 trillion in stablecoin transfers this year, according to Jamal Raees of the Solana Foundation. Polygon reports more than $3 trillion in transfers since launch. These totals include wallet transfers.
Kira is among the first companies using the new integration. The cross-border payment provider transfers stablecoins on Solana and uses Polygon’s banking connections to help customers make dollar payments to suppliers outside their home markets.
Other banks are introducing digital payment products. HSBC recently launched a Hong Kong dollar stablecoin on PayMe, with plans to support transfers between users and payments to merchants.
Polygon recently brought TRON into Open Money Stack and completed its acquisition of Coinme, a United States crypto payments company. The purchase added licensed money transfer services across 48 states, according to Polygon.
Meanwhile, Visa reported more than $25 billion in annualized stablecoin settlement during its October earnings update. Its expanding card programs show how payment companies are adding blockchain services to existing systems.
Polygon says businesses can use the full service or select individual features, including wallets, transfers, and cash payouts. The company plans to support additional blockchain networks over time, while Solana businesses can continue using their existing applications.
The post Polygon and Solana Make Unexpected Payments Move appeared first on Blockonomi.
