Polygon Labs added Solana to its Open Money Stack on Thursday 29 October 2026, so a business built on Solana can now take money in from a bank account, hold it as stablecoins, move it across chains and pay it out to a bank, card or cash point under a single contract. Polygon announced the change in a blog post that lists the features as live. It names no bank, no customer and no price. The only user described so far is Kira, a cross-border payments firm, according to CoinDesk and Decrypt.
CoinDesk’s headline has the two networks teaming up “to bring stablecoin payments to banks”. What happened is narrower. The two networks are not merging, and no bank has signed anything that has been made public. What Polygon sells is a layer of payment plumbing: the licensed bank ramps it bought with Coinme, wallets, routing and payouts. From today that layer also works for money that lives on Solana.
Solana’s SOL traded near $101 around 17:29 UTC, roughly flat over 24 hours and down about 2.7% over seven days, according to Coindaro’s market snapshot. No outlet reported a price move tied to the announcement.
What the Polygon Open Money Stack on Solana adds
The Open Money Stack (OMS) is the modular payments platform Polygon Labs announced in January 2026, when it also agreed to buy US crypto payments firm Coinme and wallet firm Sequence for more than $250 million combined. The idea is that a fintech or a merchant can rent the pieces it lacks, from bank funding to payout, instead of building each one and signing a contract with a separate provider.
Polygon’s pitch on 29 October is that all of it now comes “under one contract, one API and one SLA” for Solana businesses as well. The pieces can also be used one by one, next to providers a company already has.
One point is easy to get wrong. Moving tokens between Solana and other chains was not new today. Polygon’s routing product Trails started routing SOL, wrapped SOL, USDC, USDT and PYUSD between Solana and more than 20 EVM chains on 3 August 2026. What changed on 29 October is the rest of the chain of steps around that routing: bank deposits, fiat conversion, wallets and payout.
What is live on Solana today
Polygon’s post lists six things a Solana business can do now, under the heading of what is “live now”:
- Accept deposits by bank transfer, card, cash or crypto.
- Convert dollars into crypto on Solana, and back.
- Keep funds in custodial or embedded wallets on Solana.
- Set rules for when and where money moves.
- Route tokens between Solana, Polygon and other major chains.
- Pay out to bank accounts, cards, cash or wallets.
The assets named are USDC, USDT, PayPal’s PYUSD, SOL and wrapped SOL, which can be moved between Solana, TRON and EVM chains such as Ethereum, Base, Arbitrum and Optimism “in a single transaction”, the post says. Holdings on the Solana side are shown in USDC, PYUSD and SOL.
The fiat on- and off-ramps are “backed by money transmitter licenses across 48 US states”, in Polygon’s words. That coverage comes from Coinme. When Polygon Labs completed that acquisition on 14 October, The Block reported that Coinme held 37 state money transmitter licences plus 11 exemptions, and is registered with FinCEN as a money services business.
Polygon’s examples are illustrations, not customer data. In one, 500 USDC sent from Polygon arrives on Solana as 499.95 USDC. In another, $2,000 becomes 2,000 USDC and lands as 36,840 Mexican pesos. They show the kind of corridor the stack is built for, not fees anyone is paying.
No bank is named, and Kira is the only user described
Polygon’s own post never mentions a bank customer. “Bank” appears in it as a payment rail: bank pay-in, bank payout, a generic “bank partner” label in a diagram. CoinDesk and Decrypt also named no bank.
The one company described as using the new setup is Kira. CoinDesk wrote that Kira is among the first users, using Solana for the stablecoin transfers and Polygon’s banking connections so that its customers can pay overseas suppliers in dollars. Kira already used Solana for stablecoin transfers before this, crypto.news reported, citing chief executive Edrizio De La Cruz. Kira is a fintech, not a bank, and its volumes were not disclosed. It was already listed among early OMS users, with Tazapay, Mesh and Toku, in coverage of the Coinme deal.
Polygon Labs’ global head of business, Aishwary Gupta, framed the product for that kind of firm. “Businesses shouldn’t have to rebuild their payments infrastructure for every network,” he told CoinDesk. Sandeep Nailwal, chief executive of the Polygon Foundation, told Decrypt that “every bank and fintech that wants to use crypto faces the same problem”, namely connecting to the accounts and payment systems their customers already use.
On the Solana side, Jamal Raees, general manager of payments at the Solana Foundation, told CoinDesk: “Our focus is to make it easier for payment and stablecoin activity to continue to scale on the network.” The Foundation did not disclose any money, incentive or commitment attached to the arrangement.
From rivals to supplier and client
The two camps have a history. In 2022 Polygon co-founder Sandeep Nailwal disputed claims that Solana had more users, arguing Polygon had more active users and developers. In 2023 Polygon paid $3 million to bring two well-known Solana NFT collections, DeGods and y00ts, over to its own network, CoinDesk recalled.
On 29 October Solana Foundation president Lily Liu quoted Solana’s announcement on X with the words “unblocked and unmuted”, crypto.news reported at 16:51 UTC. She did not say when or why she had blocked Polygon’s account, and no agreement between the foundations has been published.
The commercial logic is plainer than the history. Polygon now presents itself less as a chain competing for users and more as a payments company that sells access to bank rails, wherever the stablecoins sit. Gupta said as much to CoinDesk: Polygon “has expanded beyond providing only a chain”. The post says Solana is “the next chain” to get OMS support, “not the last”, which follows TRON earlier this month.
Stablecoin supply versus transfer volume
Why Solana? Because that is where a lot of the dollars already are. DefiLlama’s stablecoin dashboard (stablecoinchains endpoint, read at 17:42 UTC on 29 October) counts about $15.34 billion of dollar-pegged stablecoins on Solana, against about $2.88 billion on Polygon. Solana’s stablecoin supply is roughly five times Polygon’s.
| Chain | Dollar stablecoins in circulation (DefiLlama, 29 Oct 2026, 17:42 UTC) |
|---|---|
| Ethereum | about $141.4 billion |
| TRON | about $93.6 billion |
| Solana | about $15.3 billion |
| Base | about $5.1 billion |
| Arbitrum | about $3.5 billion |
| Polygon | about $2.9 billion |
Supply is one measure. Transfer volume is another, and the figures quoted on 29 October mix the two. Raees told CoinDesk that Solana has handled more than $5.7 trillion in stablecoin transfers so far in 2026; Decrypt cites the Solana Foundation at more than $5 trillion; Polygon’s own post says Solana moves “more than $2T in stablecoin volume each quarter”. Polygon, for its part, said on 29 September that it had passed $3 trillion of stablecoin transfers since launch, a total that includes wallet-to-wallet transfers.
Those trillions are raw on-chain transfers. They include trading, bot activity and money shuffled between a company’s own wallets, so they say little about how many people pay for goods or suppliers with stablecoins. The supply figure is the more useful one for a payments provider: it shows how many dollars are sitting on Solana and could need a route back to a bank account.
Polygon’s payments push in 2026, step by step
The Solana launch is one in a series of announcements Polygon Labs has made since January, five of them since 29 September.
| Date (2026) | Step |
|---|---|
| January | Open Money Stack announced; deal to buy Coinme and Sequence for more than $250 million combined |
| 3 August | Trails routes SOL, wrapped SOL, USDC, USDT and PYUSD between Solana and 20+ EVM chains |
| 29 September | Polygon says it passed $3 trillion in stablecoin transfer volume |
| 8 October | Open Money Stack adds TRON |
| 14 October | Coinme acquisition completed: 37 state licences and 11 exemptions, 48 US states |
| 21 October | Payments by AI agents, with spending limits, added to the stack |
| 29 October | Full stack (bank pay-in, wallets, routing, payout) available for Solana |
GeekWire reported in January that the Coinme purchase, which needed regulatory approval, was expected to close in the second quarter; it closed on 14 October. It is the piece that gives the stack its regulated US bank on- and off-ramps, which is why the 48-state figure comes up in every Polygon announcement since. It is a licence footprint for business payments, not a new consumer product across the country.
For holders of POL, Polygon’s token, the link is indirect. Nothing in the announcement ties the Solana integration to POL or to Agglayer, Polygon’s cross-chain settlement layer. Our Polygon (POL) page explains what the token does on the Polygon chain itself, and our Solana (SOL) page covers the network now on the other side of these payments.
What it changes for businesses in the US and in Europe
For a US fintech already running on Solana, the change is practical. It can now buy bank deposits, dollar conversion and payouts from one supplier with US state licences, instead of stitching together an on-ramp, a wallet provider and a payout network. That matters in the same weeks as US banks get closer to stablecoins themselves: the OCC has just invited community banks to issue stablecoins, although applications are not yet open.
For European businesses nothing was announced. The licences are American: state money transmitter licences and a FinCEN registration. Offering crypto-asset services to customers in the European Union requires a MiCA authorisation as a crypto-asset service provider, granted in France by the AMF and in Italy by Consob and the Bank of Italy, and Polygon has said nothing about one. Euro corridors also run on different coins; our report on USDC taking 56% of euro stablecoin trading shows how quickly that market is shifting ahead of Coinbase’s USDT conversion in the EEA.
For newcomers wondering why a business would choose Solana, Polygon, TRON or Ethereum in the first place, our guide comparing the main blockchains sets out the fees, speeds and trade-offs of each.
What Polygon has not said yet
Several things a payments buyer would ask before signing are missing from the announcement and the coverage.
- Which banks, if any, sit behind the bank pay-in and payout rails on Solana.
- What a payment costs: Polygon published no pricing and no fee schedule.
- How many Solana businesses have signed up besides Kira, and what volume Kira moves.
- Whether every component is generally available to any client or still opened client by client; Polygon’s post presents the features as live, but no outlet confirmed general availability.
- Which chain comes after Solana, and whether any licence outside the United States is planned.
The next markers to watch are a named bank or a second named Solana customer, and the chain Polygon adds after Solana, which its own post says is coming.