Polygon and Solana team up on bank stablecoin payments

Polygon Labs is bringing its Open Money Stack payments infrastructure to Solana, letting businesses on the rival network access bank funding, digital wallets, cross-chain transfers and payouts through a single integration — without merging the two chains. Cross-border payments firm Kira is among the first users, combining Solana's stablecoin transfers with Polygon's banking connections to pay overseas suppliers in dollars.

• Solana has recorded more than $5.7 trillion in stablecoin transfers this year and Polygon more than $3 trillion since launch, per the companies.
• Polygon Labs' Aishwary Gupta said businesses "shouldn't have to rebuild their payments infrastructure for every network."
• The partnership follows years of competition between the networks, including Polygon's 2023 payment to lure Solana NFT projects DeGods and y00ts.