Polygon said it has expanded its Open Money Stack payment platform to Solana, giving businesses on the network a way to connect bank payments, stablecoin balances and cash withdrawals. The company announced the move on Oct. 29 and said the services are live.
The integration gives users an additional avenue for managing how money enters and leaves Solana. Under the model described by Polygon, a business can take a standard payment and move it as stablecoins before arranging a payout to banks and other supported systems.
From bank payment to Solana balance
Polygon said the service covers multiple stages of accepting a payment. Businesses can accept deposits via bank transfers, cards, cash or crypto, then convert funds into digital assets on Solana, according to the announcement. Polygon also said the platform supports customer wallets that are built into apps.
Stablecoin payouts to banks and cash outlets
The payment and receipt of stablecoins is one part of the payment journey. A supplier or seller may need the money in a bank account to cover business expenses. Polygon said that when a stablecoin is involved, the integration would transfer the token to a person’s chosen bank account, card, wallet or cash withdrawal outlet after a stablecoin-to-fiat conversion.
Polygon is targeting fintech firms, payment apps and marketplaces. Businesses can choose to adopt the company’s platform or selected features that work with other businesses they use.
Availability and costs
Polygon said its dollar conversion infrastructure is backed by money transmitter licenses across 48 U.S. states. The announcement did not mention where the service is available, its fees or how quickly payments will be completed.
Polygon also plans to extend Open Money Stack to additional blockchains, but it did not give a timetable for those additions.
