Polygon opens US bank payouts to Solana stablecoin businesses

Polygon Labs said on Thursday that Solana businesses can now use its Open Money Stack to accept bank deposits, hold funds as stablecoins and pay out to US bank accounts, with licensing covering 48 states. The stack converts fiat to stablecoins on Solana, keeps funds in embedded or custodial wallets, and handles payouts to bank accounts, cards, cash or wallets. Its state money-transmitter licenses and exemptions came from Polygon's Coinme purchase, which also added a FinCEN money services business registration. Kira, which moves clients between dollars and stablecoins and pays overseas suppliers, is among the first users.