Stabledash Live · · 9 min
From Polygon to Solana: The New Payments GM on What He'll Build First
With 
Jamal Raees
Key takeaways
Jamal Raees has joined the Solana Foundation as General Manager of Payments, coming over from Polygon Labs.
Raees says stablecoins are most valuable in certain segments that are hard to find but extremely sticky once found, such as FX, payment automation and escrow on Solana.
He calls FX very ripe and expects yield and earn to become a huge category over the next twelve to eighteen months.
Watch the episode
0:00Raees arrives at Solana HQ as new payments lead1 of 4
Summary
Arriving from Polygon Labs, Raees argues stablecoins pay off in narrow segments that are hard to find, and names FX and yield as his first targets.
Jamal Raees has joined the Solana Foundation as General Manager of Payments, moving over from Polygon Labs. Speaking on Stabledash Live, he named his first calls in the job: FX is very ripe, and yield and earn will be a huge category for the next twelve to eighteen months.
Why payments, why now
Raees says blockchain-based payments have created some of the best and newest infrastructure for global payments, especially across borders. He points to partners already active on Solana: Western Union was announced earlier this year, and Visa is doing stablecoin settlements on the network.
He adds that stablecoin activity on Solana has grown tremendously.
“Stablecoins are very, very valuable, but they're particularly valuable in certain segments. And I think a lot of people have forgotten that those segments, you know, they're not easy to find, but when you find them, they're extremely sticky”
Jamal RaeesNarrow segments, sticky users
Raees argues that a lot of people have forgotten a basic point about stablecoins: they are very valuable, but particularly in certain segments. Those segments are not easy to find, he says, but when you find them they are extremely sticky.
He names where that value shows up today. More stablecoin activity is moving onchain in FX, payment automation and escrow, and he says those areas are where Solana starts to deliver tangible value very quickly.
What has matured
Raees says stablecoins have reached maturity. In his view, regulation around them is incredibly strong and getting stronger, wallets have gotten really good, and companies like Rain have proven out a card connectivity play that is extremely valuable.
First bets: FX and yield
Asked about his priorities, Raees says FX is very ripe. He expects yield and earn to be a huge category over the next twelve to eighteen months, and says the Solana team is building out a number of solutions there and partnering with a number of people on it.
Raees's pitch skips the idea of stablecoins as a fix for everything. He describes infrastructure that has matured, large payment partners already settling on Solana, and a plan to go after the specific segments where he says stablecoins stick, starting with FX and yield.
Polygon Labs, Square, Rain, and Solana Foundation come up most.
- People
- Jamal Raees
- Anna
- Drew Rogers
- Maya Caddle
- Rachel Conlon
- Companies
- Polygon Labs
- Square
- Rain
- Solana Foundation
- Visa Inc
- Western Union
- Bridge
- Piranha
- Dfns
