Solana stablecoin payments top $5 trillion and get Polygon bank links
Polygon Labs opened its payments stack to Solana on Oct. 29 at about 13:00 UTC, after more than $5 trillion in Solana stablecoin transfers this year.
The quick take
- Price: Solana ($SOL) at $101.32, +0.2% ↑ in 24 hours (CoinGecko, as of 1:42 p.m. ET, Oct 29).
- Trigger: Polygon Labs added Solana to its Open Money Stack, which links bank funding, wallets and payouts.
- Watch: Whether more payment firms follow Kira, the first named user on the Solana route.
Solana stablecoin payments can now reach bank accounts through one integration. Polygon Labs added Solana ($SOL) to its Open Money Stack on Thursday, The Block, CoinDesk and Decrypt reported at about 9 a.m. ET.
What happened
The stack bundles tools a payments firm usually buys from several vendors. It covers funding by bank, card, cash or crypto, embedded wallets, transfers across networks and payouts to bank accounts, cards or wallets, Decrypt reports.
The two chains do not merge. Businesses keep sending stablecoins on Solana and use Polygon’s banking links for the bank side, CoinDesk explains. Routes also reach Polygon, Ethereum and Tron, which joined the stack earlier in October, according to The Block.
Cross-border payments firm Kira is among the first users. It turns stablecoin transfers on Solana into dollars, so its clients can pay overseas suppliers.
“Businesses shouldn’t have to rebuild their payments infrastructure for every network,” said Aishwary Gupta, global head of business at Polygon Labs, in CoinDesk.
Why it moved
Volume is the draw. Jamal Raees, general manager of payments at the Solana Foundation, put this year’s Solana stablecoin transfers above $5.7 trillion, CoinDesk reports. Vibhu Norby, the foundation’s chief product officer, gave The Block a figure of more than $5.5 trillion.
Polygon has handled more than $3 trillion in total transfers since launch, CoinDesk adds. The token barely reacted: $SOL stood at $101.32 at 1:42 p.m. ET, up 0.2% in 24 hours, per CoinGecko.
What to watch next
Watch for new payment firms on the Solana route and for any volume data from Polygon. The Block notes the move lands a week after Solana’s Alpenglow upgrade went live.
Polygon also completed its purchase of Coinme this month. That deal gives Polygon money transmitter licenses or exemptions in 48 U.S. states, The Block reports.
Bottom line: Stablecoins keep moving on Solana, while Polygon now supplies the bank on-ramps and payouts around them.
Sources
- The Block: Polygon adds Solana to payment stack linking bank accounts, crypto and payouts (Oct 29, 13:00 UTC)
- CoinDesk: From rivals to partners: Polygon and Solana team to bring stablecoin payments to banks (Oct 29, 16:35 UTC)
- Decrypt: Polygon Extends Its Stablecoin Payments Infrastructure to Solana (Oct 29, 13:01 UTC)
- CoinGecko: Solana price (read Oct 29, 17:42 UTC)
Price data: CoinGecko (checked against Jupiter).
Not financial advice.
