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Polygon brings its Open Money Stack payments tools to Solana, weeks after adding Tron
Summary
Polygon Labs has expanded Open Money Stack, its bundle of stablecoin payments tools, to Solana, letting businesses on that network connect bank funding, embedded wallets, cross-chain transfers and global payouts through one integration, Decrypt, The Block and Cointelegraph reported.
The expansion follows the addition of Tron support earlier this month, and Polygon Labs CEO Marc Boiron told Cointelegraph that customer demand and stablecoin activity drove both moves.
Cross-border payments firm Kira is among the first customers using the Solana integration, according to Decrypt and Cointelegraph.
The outlets cite different measures of Solana's stablecoin activity: Decrypt, citing the Solana Foundation, said the network processed more than $5 trillion in stablecoin volume this year, while Cointelegraph cited Token Terminal data showing about $5.76 trillion in stablecoin transfers between Jan. 1 and Oct. 27.
Updates
- Update, : Update (Oct. 29): CoinDesk also covered the launch, describing it as the two networks setting aside their rivalry to connect Solana's stablecoin activity with Polygon's banking, wallet and payment infrastructure.
Key facts
- Cointelegraph said Tron recorded $6.94 trillion in stablecoin transfers over the same Jan. 1 to Oct. 27 period, per Token Terminal.
- Polygon's Trails service has supported transfers between Solana and Ethereum-compatible networks since August, Boiron told Cointelegraph.
- Through the platform, a Solana business can route and convert funds across networks including Polygon, Ethereum and Tron and deliver payouts into banks, cards or wallets, Decrypt reported.
- "Every bank and fintech that wants to use crypto faces the same problem: connecting them to the accounts and payment systems its customers already use," said Sandeep Nailwal, co-founder and CEO of the Polygon Foundation, per Decrypt.
- The move follows Polygon's completed acquisition of Coinme, which gave its U.S. payments business access to 37 money transmitter licenses and 11 state exemptions covering 48 states, Cointelegraph reported.
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