Polygon and Solana partner to connect stablecoin payments to banks
Rival blockchains team up for stablecoin banking
Polygon and Solana, two blockchain networks that have competed for years, are partnering to connect stablecoin payments with traditional banking systems. Blockchains are shared digital ledgers that record and verify transactions.
Stablecoins are cryptocurrencies designed to hold a steady value, typically tied to the U.S. dollar. The partnership lets businesses use Solana for stablecoin transfers while tapping into Polygon's banking connections and payment services.
Key partnership details
- Polygon Labs is bringing its Open Money Stack payments infrastructure to Solana
- Businesses get access to bank funding, digital wallets — tools for storing and sending cryptocurrency — cross-chain transfers and payouts through a single integration
- The two blockchains are not merging and remain separate networks
- Cross-border payments company Kira is among the first users of the combined service
What company representatives said
Aishwary Gupta, global head of business at Polygon Labs, said Polygon has expanded beyond providing just a blockchain into broader payments infrastructure.
"Businesses shouldn't have to rebuild their payments infrastructure for every network," Gupta told CoinDesk.
Jamal Raees, general manager of payments at Solana Foundation, said the partnership gives companies access to Polygon's regulated payment services without leaving Solana.
A history of competition
Polygon and Solana have competed for years to attract developers, users and transaction volumes.
In 2022, Polygon co-founder Sandeep Nailwal pushed back against claims that Solana had attracted more users, saying Polygon had more active users and developers.
In 2023, Polygon paid $3 million to bring two well-known Solana NFT projects, DeGods and y00ts, over to its network.
Early adopter use case
Cross-border payments company Kira is among the first businesses using the combined service. Kira combines Solana's stablecoin transfers with Polygon's banking connections to help customers pay overseas suppliers in dollars.
Why this matters
Banks and payment companies are increasingly using stablecoins for transfers and settlement. The partnership gives businesses access to both networks without needing to choose one or build separate systems for each.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.