From Cointelegraph · By Felix Ng
Polygon Labs is expanding Open Money Stack, its suite of services connecting bank accounts, crypto wallets and payouts, to the Solana network.
The expansion lets businesses building on Solana use Open Money Stack to accept funding from bank accounts, provide customer wallets and arrange payouts.
Polygon Labs CEO Marc Boiron told Cointelegraph that customer demand and stablecoin activity drove the decision to expand to Solana and, earlier this month, Tron.
Solana recorded about $5.76 trillion in stablecoin transfers between Jan. 1 and Oct. 27, while Tron recorded $6.94 trillion in stablecoin transfers over the same period, according to Token Terminal data.
“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,” said Vibhu Norby, chief product officer, Solana Foundation.
Polygon’s Trails service has supported transfers between Solana and Ethereum-compatible networks since August. The latest expansion adds access to bank, card and cash funding, customer accounts, embedded wallets and payouts through the same integration, Boiron said.
“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,” he said.
The broader stack was already available for eligible uses on Polygon, Ethereum and other Ethereum Virtual Machine (EVM) networks, he added.
Last year, ecosystem data provider The Grid cataloged 478 companies and 261 projects in the Solana ecosystem. Boiron said Kira, which provides US dollar accounts and stablecoin-based cross-border payment services to businesses, is among the first customers using the Solana integration.
The Solana expansion follows Polygon’s completed acquisition of Coinme, which gave its US payments business access to 37 money transmitter licenses and 11 state exemptions, covering 48 states.
Related: Polygon gains US payments licenses after closing Coinme deal