Polygon Labs Deploys Open Money Stack Payments Tool to Solana

Polygon Labs announced on Oct. 29 that it has extended its Open Money Stack infrastructure to the $SOL ecosystem ¹. The toolkit unites multiple payment functions into a single technical connection, allowing enterprises on Solana to access bank on-ramps, route digital assets across multiple blockchains, and execute global bank or card payouts ¹.

Businesses operating on Solana can utilize the stack to establish embedded wallets, accept funding via cards, cash, and bank accounts, and settle transfers across networks such as Polygon, Ethereum, and Tron ¹. For example, a remittance enterprise can accept fiat deposits, convert them into stablecoins like $USDC on Solana, and execute bank payouts for recipients abroad ¹. Cross-border payments company Kira has emerged as an initial adopter, leveraging the setup to convert stablecoin transfers into fiat currency for overseas commercial suppliers ¹.

Unifying Fragmented Settlement Rails

The initiative targets technical friction across crypto commerce, where converting fiat into tokens and back into local bank balances traditionally forces companies to maintain separate integrations and vendor agreements ¹. Polygon Foundation co-founder and chief executive Sandeep Nailwal noted that financial institutions and fintech firms routinely struggle with connecting blockchain assets to existing banking networks ¹. Expanding the software suite enables developers to build directly on whichever network their users prefer ¹.

The expansion comes as Polygon Labs accelerates its commercial payments footprint, following the firm's acquisition of Coinme to anchor regulated fiat infrastructure ¹. Meanwhile, Solana has handled over $5 trillion in cumulative stablecoin settlement volume this year, according to data from the Solana Foundation ¹. That payments momentum follows other network milestones, including the deployment of its Alpenglow upgrade and an institutional settlement framework developed alongside J.P. Morgan ¹.