Polygon Expands Open Money Stack to Solana Following Tron Launch

CoinDesk reports that Polygon Labs is extending its Open Money Stack to Solana after bringing the service to Tron. The move follows Polygon's addition of Tron support and its acquisition of Coinme. Open Money Stack is a suite of services that links bank accounts, crypto wallets and payment payouts. On Solana, it will let businesses accept funds from bank accounts, offer customer wallets and schedule payouts. Marc Boiron, CEO of Polygon Labs, told Cointelegraph that customer demand and stablecoin activity drove the decision to expand to Solana and, earlier this month, to Tron. Token Terminal data show Solana processed about $5.76 trillion in stablecoin transfers from Jan. 1 to Oct. 27; Tron processed $6.94 trillion over the same period. "As demand for these types of activities grows, connecting Solana to bank accounts, wallets, and global payment payout networks will enable businesses to bring stablecoin payment services to more customers and markets," said Vibhu Norby, chief product officer of the Solana Foundation. Boiron said Polygon's Trails service has supported transfers between Solana and Ethereum-compatible networks since August. The latest expansion adds bank, debit card and cash deposit channels, plus customer accounts, embedded wallets and withdrawal functionality through the same integrated suite. "What we hear from businesses is that their customers and payment activities are already spread across different networks; they don't want to be forced to choose between chains or separately integrate bank service providers, wallets, routing services, and payout partners for each chain," he said. The broader stack had previously been available for compliant use on Polygon, Ethereum and other Ethereum Virtual Machine networks. Last year, ecosystem data provider The Grid counted 478 companies and 261 projects in the Solana ecosystem. Boiron said Kira is among the first customers to use the Solana integration. Kira provides businesses with U.S. dollar accounts and stablecoin-based cross-border payment services. The Solana expansion follows Polygon's acquisition of Coinme, which gave its U.S. payment business 37 money transmitter licenses and 11 state-level exemptions covering 48 states. Related reading: Polygon obtains a U.S. payment license after completing the Coinme transaction