Polygon's Open Money Stack now lets Solana businesses take customers from bank deposits to stablecoins and back, with fiat ramps covering 48 US states.
Key Facts
Polygon's Open Money Stack now supports Solana, letting businesses on Solana accept bank, card, cash or crypto deposits, hold stablecoins and pay out to bank accounts, cards or cash.
Polygon said its fiat on- and off-ramps on Solana are backed by money transmitter licenses across 48 US states.
Solana follows Tron, which Open Money Stack added on Oct. 8, and Polygon said it will not be the last chain.
Polygon (POL) has extended its Open Money Stack payments platform to Solana (SOL), letting businesses on that network move customers from a bank deposit to a stablecoin balance and back out to a bank account.
The move puts Polygon's licensed payments infrastructure behind apps built on another chain, as Polygon argues that no single chain can move all money on-chain by itself.
"Businesses on @solana can now take a customer from a bank payin to a stablecoin balance to a payout, all through one API," Polygon said on X on Thursday.
What Polygon Open Money Stack Offers on Solana
Solana businesses can accept deposits by bank transfer, card, cash or crypto, convert dollars into stablecoins on Solana and back, and pay out to bank accounts, cards, cash or wallets, Polygon said in a blog post.
The fiat on-ramp and off-ramp service is backed by money transmitter licenses across 48 US states, according to the post. Polygon's embedded wallets now support Solana through the same API used for EVM wallets.
The stack can also route USDC, USDT, PYUSD, SOL and wrapped SOL between Solana, Tron and EVM chains in a single transaction, Polygon said. An app could accept USDC from an Ethereum wallet and settle in SOL for a Solana user.
"Solana moves more than $2T in stablecoin volume each quarter," Polygon said.
Polygon's Push Into Regulated Payments
Polygon said the service is for fintechs, payment apps, marketplaces and platforms that want to handle real money flows without becoming a bank or a money transmitter themselves.
Open Money Stack added Tron on Oct. 8. Polygon Labs closed its Coinme acquisition on Oct. 14, gaining coverage in 48 US states through 37 money transmitter licenses and 11 exemptions.
"Solana is the next chain to get Polygon OMS support, not the last," the company said.
Meta pays creators in USDC on Solana and Polygon, CoinMarketCap reported in April. POL traded around $0.0926 as of 17:48 UTC, up 1.6% over 24 hours, according to CoinMarketCap data.
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