- Polygon Labs announced the Open Money Stack, a stablecoin payments framework to move money across decentralized finance.
- The system aims to keep funds onchain with rails for wallets, fiat on- and off-ramps, stablecoin links, compliance and identity.
- POL token trading jumped 13% in 24 hours and 31% over a week after the announcement.
- The plan arrives amid regulatory clarity following the passing of the Genius Act, spurring rival projects from firms like Stripe, Tether, Circle, VISA, BVNK and Ripple.
- The framework will let users earn yield via DeFi options while maintaining custody on blockchain networks.
On Thursday, Polygon Labs announced the Open Money Stack, a new stablecoin payments framework intended to let users move money instantly across the $162 billion decentralized finance ecosystem and reduce reliance on traditional banks, according to an announcement by company leaders. The tool is scheduled to launch later this year and targets onchain custody, cross-chain interoperability and integration with financial and fintech firms.
The framework bundles blockchain rails, wallet infrastructure, fiat on-ramps and off-ramps, stablecoin interoperability, compliance tools and onchain identity verification. It also includes options for users to earn yield on idle funds through decentralized finance, with choices varying by risk appetite.
Marc Boiron and Sandeep Nailwal described the project as a way to make money usable everywhere on users’ own terms in a joint post linked in the company announcement, saying “Open and interoperable money ensures that it is usable everywhere, by everyone, on their own terms.” They added that “People don’t need to understand settlement mechanics or lose sleep because they are worried about when money will arrive.”
Market reaction lifted the network’s token: the POL token, used for transaction fees and other functions, rose about 13% over 24 hours and roughly 31% over the prior week amid a broader crypto recovery. The rollout comes as lenders and tech firms move to capture stablecoin demand after the passing of the Genius Act in July, while competitors such as Stripe (with its Tempo project), Tether, Circle, Visa, BVNK and Ripple expand their own stablecoin payment plans.
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