Polygon Open Money Stack now supports world’s largest network for USDT (TRC-20)
Image provided by Polygon Labs
Polygon Open Money Stack, Polygon Labs’ payments infrastructure platform, expanded its connectivity to the TRON network. The platform is designed to help businesses move money between traditional banking systems and blockchain networks through single API.
TRON network, in particular, supports more than $94 billion in circulating USDT and over $33 trillion in total transfer volume. This scale creates a trusted and extensive onchain economy many enterprises prefer to use for their stablecoin payment rails. It is especially popular in markets where USDT is used for retail payments, savings, and cross-border transfers.
Participating businesses can add dollars to the Open Money Stack system through bank transfers, debit cards or cash deposits at retail locations. The money is held in virtual accounts and can then be transferred on a blockchain according to the business’s rules. The same integration can also move funds between supported blockchains and send payments through available payment networks.
“Polygon Open Money Stack was built so a payment company can plug in once and move money wherever it needs to go. Adding TRON brings one of the deepest pools of USDT liquidity into that same integration, so businesses can move those dollars onto U.S. banking rails or across chains with the licensing and orchestration already handled underneath.”
Marc Boiron, CEO of Polygon Labs
With the addition of TRON to supported Polygon Ramps networks, TRON-based products will be connected to fiat on- and off-ramps supported by money-transmitter licenses and compliance infrastructure across 48 U.S. states. Businesses will now be able to create and manage TRON wallets through the same Open Money Stack integration they used before for other networks. As the result, they receive an opportunity to route USDT between TRON and supported EVM networks, e.g. Polygon Chain, through a single transaction flow. The platform handles all the bridging, conversion and execution of such transactions, whether money flows from bank account to blockchain or vice versa.
Some of the use cases for fiat on- and off-ramps are remittance, online marketplace, payment apps, etc. At present, the list of available functions is basic. Additional TRON assets, markets and payment capabilities are expected to become available over time.
Polygon Labs is building Open Money Stack through its planned acquisition of Coinme and its acquisition of Sequence. Coinme provides access to regulated U.S. payment services, while Sequence brings wallet technology and tools for moving funds across different blockchains.
