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Polygon brings Solana into its Open Money Stack

Polygon’s Open Money Stack now supports Solana, giving businesses a single route from bank pay-ins to stablecoin balances and payouts across supported rails.

Uruguay Can Editorial

Polygon brings Solana into its Open Money Stack

Solana businesses could use the network for stablecoin payments, but connecting those transfers to bank accounts and payouts meant arranging the surrounding services. On Oct. 29, Polygon said its Open Money Stack now supports Solana, offering businesses a single integration for those steps.

According to Polygon’s announcement, the service can handle a payment from its fiat entry point through a stablecoin balance and back out to a bank account, card, cash service or crypto wallet. Polygon says businesses can choose the parts they need and keep Solana as their settlement network.

How does a payment move through the stack?

Polygon describes the flow as a series of steps: funds come in, reach a customer account, move across networks if needed, and go out through a supported payout method.

  1. Accept a deposit by bank transfer, card, cash or crypto.
  2. Convert fiat into crypto on Solana, then hold it in a custodial or embedded wallet.
  3. Route supported tokens between Solana, Polygon, TRON and EVM chains.
  4. Convert funds back to fiat and pay out to a bank account, card or cash service, or send them to a wallet.

Polygon lists USDC, USDT, PYUSD, SOL and wrapped SOL among the supported assets. Its announcement says the stack’s fiat on- and off-ramp infrastructure is backed by money transmitter licenses across 48 U.S. states.

Who is already using the Solana integration?

Kira is among the first customers, The Block reported. The company helps clients move between dollars and stablecoins and use banking rails to pay suppliers abroad. Kira CEO Edrizio De La Cruz said the integration helps turn stablecoin transfers on Solana into dollars in clients’ bank accounts when they need to pay suppliers.

Does this move Solana activity onto Polygon?

Polygon presents the integration as a way for businesses to keep Solana in their product while connecting it to other networks and fiat services. It does not require businesses to use every part of the stack: Polygon says they can combine selected components with their own wallet, compliance provider, ledger or settlement rail.

Sources