Polygon Labs said Thursday, Oct. 29, it had added Solana payment support to Open Money Stack, bringing fiat deposits, crypto conversion, wallet setup and payouts into a single service.
Businesses may add funds by bank transfer, card, cash or cryptocurrency. Polygon Labs says businesses can move from fiat to crypto on Solana and reverse the conversion, then create a custodial or embedded wallet on the network.
Polygon lists Solana (SOL), wrapped SOL, Tether (USDT), PayPal USD (PYUSD) and USD Coin (USDC) among the supported assets. It says recipients can receive funds in bank accounts, through payment cards, as cash or in wallets, with routes across Solana, TRON and networks using Ethereum Virtual Machine (EVM).
Polygon describes Open Money Stack as a single application programming interface (API) covering fiat deposits and payouts, wallet services, stablecoin transfers and onchain settlement. Its Trails product had already routed SOL and stablecoins between Solana and more than 20 EVM networks, Polygon says. The latest launch brings fiat funding and cash-out options onto those existing routes.
Polygon completed its Coinme purchase on Oct. 14 amid its push to expand its U.S. payments business. The company says its U.S. payments unit covers 48 states, relying on 37 money-transmitter licenses plus 11 applicable exemptions, and holds a money services business registration with the Financial Crimes Enforcement Network (FinCEN). Polygon names fintech firms, remittance businesses, exchanges and gig-economy platforms as intended customers.
