Polygon adds Solana to bank-linked stablecoin payment stack

Polygon says its fiat on- and off-ramp coverage spans 48 U.S. states, and it has added Solana to its Open Money Stack, bringing bank-linked stablecoin payments to businesses building on Solana. That means customers can fund a payment from a bank, move value as stablecoins and cash out through a business’s product. Polygon described the integration in its announcement of Solana support.

The expansion connects Solana businesses to bank transfers, card, cash and crypto deposits, customer accounts and wallets, cross-chain routing, and payouts. Polygon says these services can be combined through its stack, while businesses can also use only the components they need.

How does the Solana payment route work?

A business can accept money from a bank or card, convert it into crypto on Solana, hold it in a customer wallet, then route it to another chain or pay it out. Polygon lists USDC, USDT, PYUSD, SOL and wrapped SOL among the supported assets.

Polygon says its stack can route those assets between Solana, Polygon, TRON and EVM chains in a single transaction. EVM chains are networks compatible with Ethereum’s software. The company gives one example: an app could accept USDC from an Ethereum wallet and settle in SOL for a Solana user.

For a customer, the intended flow hides the bridge, the software that moves assets between blockchains. They can pay, hold funds or cash out without choosing a bridge themselves, according to Polygon.

The fiat services are backed by money transmitter licenses across 48 U.S. states, Polygon says. The company describes its embedded Solana wallets as accessible through the same API it uses for wallets on EVM networks. An API is a software interface that lets separate services work together.

Who is using the integration first?

Cross-border payments company Kira is among the first customers, The Block reported. Kira uses Solana for stablecoin transfers and Polygon’s banking connections to help clients pay overseas suppliers in dollars, according to the report.

The setup lets Kira connect stablecoin movement with bank payouts without moving its payment activity off Solana. The Block quoted Kira CEO Edrizio De La Cruz saying the company uses Solana to move stablecoins and Polygon’s service to get dollars into clients’ bank accounts when they need to pay suppliers.

Polygon’s announcement, dated October 29, says the stack is live for businesses operating on Solana. It is a payments integration between services; the announcement does not describe a merger of the two blockchains.

What does the deal change for Solana businesses?

It gives a business building on Solana a way to connect blockchain transfers with bank funding and payouts through one product integration. That could reduce the number of separate payment services a business needs to assemble, though Polygon’s announcement does not give pricing, transaction limits or customer volumes for the new service.

Businesses can also keep their own wallet, compliance provider, ledger or settlement rail and use selected Open Money Stack components, Polygon says. The company plans to extend support to more blockchains, but it did not name the next network or give a timetable.

Sources

• announcement of Solana support — polygon.technology
• The Block reported — theblock.co