Key Highlights
- Polygon is building the Open Money Stack to make sending and receiving money faster and easier.
- The system allows businesses to connect, swap parts, and use only what they need across different blockchains.
- It aims to solve problems with global payments, like slow transfers, high fees, and complex settlements.
Polygon announced that it is developing an “Open Money Stack,” a full crypto payment system designed to make digital money transfers simple and fast.
In an X post on Tuesday, Sandeep Nailwal, CEO of Polygon Foundation, stated that the new system is designed to fix problems in global payments like delays, high fees, and complicated settlement steps.
Nailwal said the Open Money Stack is meant to move all money “onchain” and called it a trillion-dollar opportunity for crypto payments.
How the Open Money Stack works
The Open Money Stack has four main layers. These include wallets to store money, ways to move money between crypto and regular money (fiat on/off ramps), cross-chain payment routing, and settlement.
According to Nailwal, once a company connects to the stack, it can move money from start to finish without waiting for other systems or paying extra fees.
He also added that the stack is open and modular, so companies can swap components, add new partners, or connect to different blockchains without slowing down the system. In short, this design is intended to make crypto payments more flexible and scalable worldwide.
“We built this for interop from day one because that’s the only way payments infra scales globally,” he said.
Payments made easier for businesses
The system supports stablecoin payments and makes it easier for companies to manage money without using many separate services.
Businesses, banks, and fintech companies can add parts of the stack they need, like on-chain settlement, access to fiat money, and compliance tools to make their operations easier. This reduces technical problems like bridging tokens or swapping currencies. It also helps companies follow rules and manage liquidity and payments more simply.
Why this matters in global finance
The announcement comes amid growing institutional use of stablecoins that seek efficient means to transfer funds. Traditional means are often slow and costly, which makes cryptocurrency being used for global transactions.
With this initiative, Polygon is positioning itself as a solution to these payment issues, making it as simple as regular banking.
Nailwal also noted the issues with the current global payment system. He said, “Cross-border transfers are stuck in queues for days, hidden fees pile up at every intermediary hop, and settlement rails weren’t built for a real-time economy. Stablecoins changed what money can be, but on their own they are not a payments system.”
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