Home Polygon Taps TRON’s $94B Stablecoin Supply For Cross-border Transfers

Polygon Taps TRON’s $94B Stablecoin Supply For Cross-border Transfers

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Polygon Taps TRON’s $94B Stablecoin Supply For Cross-border Transfers
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Polygon has added support for TRON to its Open Money Stack, allowing businesses to use TRON-based USDT for payments and cross-border transfers through one system. TRON has more than $94 billion of USDT circulating on the network, making it one of the biggest networks for the stablecoin.

Polygon says remittance companies, fintech firms and payment businesses can now accept money through banks, cards, cash or crypto, convert it into USDT on TRON and later pay customers through bank accounts, cards, cash or wallets.

The main idea behind the new service is to make crypto payments easier for businesses. They do not have to separately connect different providers for wallets, cross-chain transfers and fiat payments.

For example, a customer could send money through a bank transfer or debit card. The business could convert the money into USDT and keep it in a TRON wallet. When the customer wants to receive the money, the USDT could be converted back into regular currency and sent to a bank account.

Polygon said businesses can also move USDT between TRON and supported EVM-based networks. This can happen without customers having to deal directly with a blockchain bridge or another wallet provider. The company says this could be useful for remittance firms and fintech businesses whose customers already use TRON to hold and transfer USDT.

TRON has become a major network for USDT transfers. Polygon said more than $94 billion of USDT is circulating on TRON, which is more than half of Tether’s total supply across different blockchains.

This large existing user base is important. If people already hold USDT on TRON, businesses may find it easier to build payment services around the network instead of asking customers to move their money to another blockchain.

The new service does not turn TRON into a bank. Payment companies will still have to follow the licensing and regulatory requirements that apply to them. Polygon is mainly providing a single connection that brings together several parts of the payment process.

Polygon launched its Open Money Stack earlier this year as part of its wider push into payments. The company says its fiat-ramp service uses money-transmitter licences and compliance systems covering 48 US states.

For businesses, the bigger change could be simplicity. Instead of managing several separate crypto and banking connections, they can use one system to move money from traditional payment methods to USDT and back again.

Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV

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Written by
Kapil Rajyaguru -

Kapil Rajyaguru is a news editor at 3.0 TV with over 15 years of professional writing experience and more than four years dedicated to the cryptoverse.

An engineer by education and a writer by passion, Kapil brings a rare mix of technical insight and storytelling finesse. A firm believer that cryptocurrencies, blockchain and AI are the building blocks of the future, he crafts in-depth news and analysis to educate, empower and prepare the masses for the next frontier of Web3.

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