Polygon Completes Coinme Acquisition as It Expands Regulated Payments Business

Polygon Labs has completed its acquisition of cryptocurrency payments company Coinme, gaining access to money-transmission coverage across 48 U.S. states as it expands its Open Money Stack platform for stablecoin payments and cross-border money movement.

Announced on October 14, the completion gives Polygon a regulated fiat-to-crypto infrastructure business that can connect traditional money to blockchain-based payment services. The company is positioning Open Money Stack as a platform for businesses that need to collect funds, convert between fiat currencies and stablecoins, and send payments across supported networks.

Polygon’s U.S. coverage consists of 37 state money-transmitter licences and 11 state exemptions, according to its acquisition completion announcement. The company is also registered with the Financial Crimes Enforcement Network as a money services business. Its regulatory documentation lists the New York BitLicense as pending.

The Coinme acquisition follows Polygon’s January announcement of agreements to acquire Coinme and blockchain wallet infrastructure company Sequence in transactions collectively valued at more than $250 million, according to Reuters. The companies provide different components of the payments platform: Coinme connects traditional payment channels with digital assets, while Sequence supplies wallet technology and cross-chain transaction routing.

Open Money Stack is designed to combine these capabilities behind a unified application programming interface. Businesses can use the platform to integrate payment funding, wallet infrastructure and stablecoin transfers without building each component separately. Bank transfers, currency conversions and local payouts may still depend on external financial institutions and payment providers.

Polygon named Tazapay, Mesh, Toku and Kira as early Open Money Stack customers in its October announcement. Their stated use cases include cross-border business payments, crypto-funded transactions, international payroll and access to dollar-denominated financial services.

Competition and existing partnerships

The expansion places Polygon in a market that overlaps with payment infrastructure offered by Visa and Stripe, both of which are developing stablecoin-related services. Polygon’s approach, however, includes working with established payment networks rather than relying exclusively on direct competition.

Visa added Polygon to its stablecoin-settlement pilot in April 2026 as part of an expansion covering five additional blockchains. The initiative allows participating financial institutions and payment partners to use supported blockchain networks for settlement while retaining access to Visa’s payment infrastructure. Visa reported that its stablecoin-settlement business had reached a $7 billion annualised run rate in the same announcement.

Stripe also supports stablecoin payments using USDC on Polygon. The payments company completed its acquisition of stablecoin infrastructure provider Bridge in February 2025 and has continued expanding its stablecoin products. These existing connections show that Polygon’s network can serve as infrastructure for established payment companies even as its own platform competes for business customers.

Polygon’s immediate commercial focus is on business-to-business payments, including transfers and payouts that cross currencies and financial systems. Its platform is intended to combine regulated access to traditional money with blockchain settlement, although the speed and availability of a complete payment can still depend on banking transfers, compliance checks, conversion services and local payout infrastructure.

Polygon has also said it aims to position its business for profitability in 2027. The company announced further layoffs as part of its payments-focused restructuring in July 2026, according to The Block.