Polygon expands Open Money Stack to Solana, simplifying stablecoin payments

Polygon Labs announced that its Open Money Stack – a suite of tools that links bank accounts, crypto wallets and payout networks – is now available on the Solana blockchain. The integration lets developers on Solana tap into a single API to accept funding from traditional banks, create embedded wallets, route assets across multiple chains and execute payouts to banks, cards or crypto addresses. According to Decrypt, the move is intended to collapse the “multi‑provider complexity” that typically forces businesses to stitch together separate banking, wallet and bridge services.

Why Solana and stablecoin volume matter

Solana’s payments activity has surged this year, with the Solana Foundation reporting more than $5 trillion in stablecoin transfers between January and October, according to both Decrypt and Bitcoinist. Token Terminal data cited by Cointelegraph shows $5.76 trillion of stablecoin traffic on Solana and $6.94 trillion on Tron over the same period. Polygon’s chief product officer, Vibhu Norby of the Solana Foundation, said the network’s growing volume makes a direct bank‑to‑stablecoin bridge valuable for merchants and fintechs that want to meet customers where they already transact.

Features and technical scope of the Open Money Stack

The Stack bundles several capabilities:

- Bank, card and cash funding routes that feed into on‑chain wallets;

- Embedded wallet creation for end‑users, eliminating the need for separate crypto apps;

- Automatic conversion and routing of funds across Solana, Polygon, Ethereum, Tron and other EVM‑compatible chains;

- Payout services that can send funds back to traditional bank accounts or cards.

Polygon’s Trails service, already supporting Solana‑Ethereum transfers since August, underpins the cross‑chain routing. Businesses may adopt the full package or select individual components to complement existing systems, as explained by Polygon Labs CEO Marc Boiron to Cointelegraph.

Early adopters and use‑case examples

Cross‑border payment provider Kira is among the first firms to pilot the Solana integration. Kira’s platform converts dollar deposits into USDC on Solana, then uses the Stack to deliver the equivalent fiat to overseas suppliers’ bank accounts, a workflow described by both Decrypt and Bitcoinist. Other potential applications include remittance services that pull dollars from a sender’s bank, issue USDC on Solana, and trigger local payouts, as well as marketplaces that accept stablecoins and settle sellers in either crypto or fiat without requiring users to manage bridges.

What to watch next

The rollout follows Polygon’s recent acquisition of Coinme, which granted the company money‑transmitter licenses in 48 U.S. states and is expected to accelerate adoption of the Stack in regulated markets. Analysts will monitor how quickly additional Solana projects integrate the Stack and whether the combined volume on Polygon’s own chain – reported at over $3 trillion in cumulative stablecoin transfers – translates into measurable market share gains. Further developments from the Solana Foundation, such as its institutional settlement standard co‑created with J.P. Morgan, could also shape the competitive landscape for cross‑chain payment solutions.

Sources

• The Defiant: Polygon Extends Bank-to-Stablecoin Payment Stack to Solana
• Bitcoinist: Polygon Takes Its Payments Toolkit to Solana, Targets Stablecoin Rails
• Decrypt: Polygon Extends Its Stablecoin Payments Infrastructure to Solana
• Cointelegraph: Polygon expands Open Money Stack to Solana, after Tron rollout
• The Block: Polygon adds Solana to payment stack linking bank accounts, crypto and payouts

This article was prepared by the CoinMag newsroom from the reports listed above.