Polygon's Open Money Stack Now Available on Solana Following Tron Integration
This expansion comes after Polygon integrated Tron network support and completed its Coinme acquisition.
Polygon Labs has announced the expansion of its Open Money Stack, a comprehensive infrastructure suite that bridges bank accounts, cryptocurrency wallets and payout systems, to include support for the Solana blockchain network.
This integration enables enterprises developing applications on Solana to leverage Open Money Stack's capabilities for accepting bank account deposits, delivering customer wallet services and facilitating payout operations.
In an interview with Cointelegraph, Polygon Labs CEO Marc Boiron explained that the decision to extend support to Solana, as well as to Tron earlier in the month, was primarily influenced by customer requirements and substantial stablecoin transaction volumes.
Data from Token Terminal reveals that Solana processed approximately $5.76 trillion worth of stablecoin transactions during the period spanning Jan. 1 through Oct. 27, whereas Tron facilitated $6.94 trillion in stablecoin transfers throughout the identical timeframe.
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.
Vibhu Norby, chief product officer, Solana Foundation
Polygon's Trails functionality has been facilitating cross-chain transfers between Solana and networks compatible with Ethereum since August. This newest expansion provides comprehensive access to funding via banks, cards and cash, along with customer account management, integrated wallet solutions and payout capabilities through a unified integration point, according to Boiron.
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.
Marc Boiron, CEO, Polygon Labs
Boiron noted that the complete stack had previously been accessible for qualified applications on Polygon, Ethereum and additional Ethereum Virtual Machine (EVM) compatible blockchain networks.
According to ecosystem intelligence provider The Grid's research from last year, the Solana ecosystem encompasses 478 companies and 261 distinct projects. Boiron identified Kira, a provider of US dollar account services and stablecoin-powered international payment solutions for enterprises, as one of the initial clients utilizing the new Solana integration.
This Solana integration arrives on the heels of Polygon's finalized acquisition of Coinme, a transaction that provided its United States payments operations with access to 37 money transmitter licenses along with 11 state exemptions, establishing coverage across 48 states.