John Egan, the former head of crypto at payments giant Stripe, has joined Polygon Labs as its Chief Product Officer. At Stripe, Egan oversaw the $1.1 billion acquisition of stablecoin firm Bridge and the purchase of crypto wallet company Privy. He also led the launch of Tempo, Stripe’s blockchain initiative.

This strategic move highlights the increasing competition in the stablecoin payments space. Egan's departure comes as Stripe is reportedly building its own blockchain, Tempo, which is expected to compete directly with Polygon.

Egan's expertise in both traditional fintech and crypto will be a significant asset to Polygon as it seeks to solidify its position in the market. The move underscores the growing trend of talent moving from established tech companies to the blockchain sector, further validating the potential of decentralized technologies for payments and other financial services.