Polygon plugs TRON's $94 billion of USDT into bank transfers and cash-outs

The largest pool of dollar stablecoins outside Ethereum just got a new on-ramp. Polygon Labs said on Wednesday that it has added TRON to its Open Money Stack, a set of payment tools aimed at remittance companies, fintechs and payment firms, CoinDesk reported.

In practice, a customer can fund a payment by bank transfer, debit card or cash, receive USDT in a TRON wallet, and later cash it out to a bank account. Businesses can also move USDT between TRON and other supported networks without separately hiring a wallet provider, bridge or cash-out operator. More than $94 billion of USDT circulates on TRON, and about 93% of TRON's stablecoin transfer volume in the second quarter was peer-to-peer, the highest share of any network CoinDesk tracks.

Polygon unveiled Open Money Stack in January after moving to acquire Coinme and Sequence, and says its fiat service relies on money-transmitter licenses and compliance systems covering 48 US states. CoinDesk noted the link does not make TRON a bank or remove payment firms' own licensing duties.

Polygon co-founder Sandeep Nailwal said the integration lets businesses offer the service through one connection.