Polygon Labs brings its Open Money Stack toolkit to Solana, a blockchain network that has processed more than $5 trillion in stablecoin transactions this year.

Polygon Labs is expanding its stablecoin payment infrastructure to Solana, a direct competitor. According to the company, this is the first time Polygon’s integrated payment toolkit, Open Money Stack, has been available in the Solana ecosystem. Businesses operating on Solana can now use a single connection to receive funds from bank accounts, transfer digital assets between blockchain networks, and pay customers and suppliers around the world.

One integration instead of multiple providers

The solution targets a longstanding bottleneck in crypto asset payments. Transferring tokens is fairly straightforward, but the end-to-end process—from moving money from a bank into a wallet, to converting assets and transferring funds to the recipient’s bank account—often requires businesses to work with multiple providers, each with its own technical integration requirements and commercial agreements.

Open Money Stack brings these steps together through a single technical integration and one commercial relationship. Businesses can deploy the full suite or integrate individual components into their existing systems. Through the platform, businesses on Solana can connect funding channels including bank accounts, payment cards, cash, and crypto assets; provision embedded wallets; route and convert assets across networks such as Polygon, Ethereum, and Tron; and pay out to recipients’ bank accounts, cards, or wallets. For example, a money transfer company could accept USD from a sender, convert it to USDC on Solana, and connect the recipient to a bank payout service.

According to Sandeep Nailwal, co-founder and CEO of Polygon Foundation, the common challenge for banks and fintech companies entering the crypto asset space is connecting these assets to the accounts and payment systems their customers already use. He believes that adding Solana will help more businesses build products on the blockchain network their customers choose.

Kira, a cross-border payments provider, is among the first companies to integrate Solana through Open Money Stack. It uses the solution to help customers convert stablecoin receipts into USD in their bank accounts, enabling them to pay overseas suppliers.

Polygon’s move reflects Solana’s growing appeal as payments infrastructure. According to the Solana Foundation, the total value of stablecoin transactions on the network has surpassed $5 trillion this year. Solana also recently launched a settlement standard for financial institutions, developed with input from J.P. Morgan, and activated its Alpenglow upgrade.

For Polygon, expanding to Solana is the next step in its broader payments strategy, which includes the acquisition of Coinme, a provider of services for converting between crypto assets and cash. Rather than competing solely on blockchain infrastructure, Polygon is positioning itself as a multichain payments layer that brings services to where customers and money flows are.