Polygon extends US banking rails to Solana stablecoins for eligible foreign firms
In brief
- Polygon extended its Open Money Stack banking and stablecoin infrastructure to Solana on Oct. 29.
- Eligible foreign companies can use US banking rails in their own names without a US entity.
- Solana holds more than $15 billion in stablecoins, per DeFiLlama data cited by CryptoSlate.
- Early access only: businesses must apply and pass know-your-business checks.
- Geographic restrictions and supported payment corridors limit which transactions are available.
What the Open Money Stack adds on Solana
According to Polygon's expansion as reported by CryptoSlate, businesses can accept deposits through bank transfers, cards, cash or crypto, convert those funds into stablecoins and process payouts through the same channels. Funds can sit in embedded or custodial Solana wallets. They can also move across Polygon, Ethereum, TRON and other supported networks.
The target market is narrow. Polygon is aiming at fintech companies, remittance providers and payment apps that want to offer dollar-denominated services across borders (CryptoSlate's example: a remittance provider takes dollars from a customer, converts them into USDC on Solana, and the recipient withdraws through a supported bank account or another payout channel).
This isn't Polygon's first Solana integration. The company had already plugged Solana into its Trails routing infrastructure in August, enabling stablecoin and SOL transfers between Solana and more than 20 Ethereum-compatible networks. The new layer adds banking access, customer accounts, stablecoin custody and fiat payouts on top of that routing.
Polygon Labs CEO Marc Boiron said the expansion reflects the company's ambition to support money movement across different blockchains.
“Moving all money onchain means enabling money to move on the chains people want to use.”
The stablecoin numbers
Solana held more than $15 billion in stablecoins, according to DeFiLlama data cited by CryptoSlate at the time of its report. That makes it the third-largest network behind Ethereum and TRON. Polygon ranked eighth on the same data, with approximately $3 billion.
Solana itself reported that its blockchain processed more than $5 trillion in stablecoin transfer volume in 2026. That's Solana's own figure, relayed by CryptoSlate, not an independent tally.
Who can actually use it
It's not open to everyone.
The OMS service remains in early access, so businesses have to apply before they can touch the infrastructure. They also need to complete know-your-business verification, and customers who initiate payments go through separate identity checks. Geographic restrictions and supported payment corridors determine which transactions are available, so the service won't look the same for every company that signs up.
Frequently asked questions
Who can use Polygon's Open Money Stack on Solana?
The service is in early access, so businesses have to apply first. They must complete know-your-business verification, and customers who initiate payments need separate identity checks. Geographic restrictions and supported payment corridors decide which transactions are available.
How does the Polygon OMS integration with Solana work?
Businesses can accept deposits through bank transfers, cards, cash or crypto, convert them into stablecoins and pay out through the same channels. They can hold funds in embedded or custodial Solana wallets and move assets across Polygon, Ethereum, TRON and other supported networks.
How large is Solana's stablecoin market?
According to DeFiLlama data cited by CryptoSlate, Solana held more than $15 billion in stablecoins, which makes it the third-largest network behind Ethereum and TRON. Polygon ranked eighth on the same data with approximately $3 billion.
