Polygon Labs has expanded its Open Money Stack infrastructure to the Solana network. This suite of payment tools allows businesses to integrate bank accounts, cards, and crypto funding routes into a single connection. The platform facilitates cross-chain fund movement, currency conversion, and payouts to banks or digital wallets across networks like Polygon, Ethereum, and Tron.
The integration aims to simplify the complex process of moving funds between traditional banking systems and blockchain wallets. Companies can choose to implement the entire stack or select specific components to fit their existing infrastructure. This development is designed to streamline operations for fintech firms and banks looking to utilize stablecoin payments for their customers.
Cross-border payments company Kira is among the initial adopters of this integration. The firm uses the stack to assist clients in converting stablecoin transfers into fiat currency for international supplier payments. According to the Solana Foundation, the network has processed over $5 trillion in stablecoin volume throughout the current year.
This expansion follows Polygon's recent strategic moves in the payments sector, including the acquisition of the crypto-cash firm Coinme. Meanwhile, the Solana network has been enhancing its institutional capabilities, recently launching a settlement standard with input from J.P. Morgan and implementing the Alpenglow upgrade.
