Polygon Labs has expanded its Open Money Stack services to the Solana blockchain, a move designed to integrate traditional financial services with cryptocurrency operations for businesses on the network. This expansion allows Solana-based entities to leverage the Open Money Stack for receiving funds from bank accounts, providing customer wallets, and managing payouts.
The integration follows a similar rollout to the Tron network earlier in the month. Polygon Labs CEO Marc Boiron indicated to Cointelegraph that customer demand and significant stablecoin activity were the primary catalysts for these strategic expansions.
Market context for this expansion is underscored by substantial stablecoin activity on both networks. Solana recorded approximately $5.76 trillion in stablecoin transfers between January 1 and October 27, while Tron saw approximately $6.94 trillion in transfers over the same period, according to data from Token Terminal. Vibhu Norby, chief product officer at the Solana Foundation, commented on the development, stating, “As that activity grows, connecting Solana to bank accounts, wallets and global payout networks allows businesses to deliver stablecoin payments to more customers and markets.”
Enhanced Financial Integration for Solana Businesses
The Open Money Stack offers a suite of services facilitating connections between bank accounts, crypto wallets, and payout systems. For businesses operating on Solana, this integration enables them to accept funding directly from bank accounts, offer embedded customer wallets, and manage payouts through a unified system. “We hear from businesses that their customers and payment activity are already spread across networks and that they don’t want to force a chain choice or stitch together a bank provider, wallet, routing service and payout partner for each one,” Boiron explained.
Polygon’s existing Trails service has supported transfers between Solana and Ethereum-compatible networks since August. This latest expansion further enhances capabilities by adding access to bank, card, and cash funding, customer accounts, embedded wallets, and payouts within the same integration framework.
Strategic Expansion and Acquisition Context
This move into the Solana ecosystem is a significant step for Polygon Labs, particularly following its recent acquisition of Coinme. The Coinme acquisition bolstered Polygon’s US payments business by granting it access to 37 money transmitter licenses and 11 state exemptions, covering 48 states. Kira, a provider of US dollar accounts and stablecoin-based cross-border payment services, has been identified as one of the initial customers utilizing the new Solana integration.
Previously, the broader Open Money Stack services were accessible for eligible uses on Polygon, Ethereum, and other Ethereum Virtual Machine (EVM) networks. The Solana ecosystem itself was noted by The Grid last year to comprise 478 companies and 261 projects.
While the expansion to Solana has recently occurred, the precise completion date has not been specified. Further details regarding the comprehensive integration of Coinme’s licenses into Polygon’s payment operations beyond the stated coverage also remain undisclosed.
Why This Matters
The materials describe a narrow update: Polygon Labs has extended its Open Money Stack, a suite of services for connecting bank accounts, crypto wallets, and payouts, to the Solana blockchain. The exact date of the Solana expansion’s completion.
