Polygon Labs completes Coinme deal, gains payments access across 48 states

What happened

Polygon Labs has completed its acquisition of Coinme and integrated the payment company onto its Open Money Stack platform. The deal combines regulated U.S. money transmission services with stablecoin payments, digital wallets and local currency settlement. Coinme's acquisition brings Polygon 37 state money transmitter licenses and 11 applicable exemptions, providing regulated payment coverage across 48 states. Coinme is also registered with the Financial Crimes Enforcement Network as a money services business.

The Open Money Stack platform combines fiat conversion, digital wallets, payment routing and stablecoin settlement across dozens of blockchain networks through a single integration. Businesses can receive funds from bank accounts or digital wallets, manage balances, transfer stablecoins and deliver payments in local currencies. Polygon said the infrastructure supports settlement across dozens of blockchains, with Polygon Chain serving as one of its payment networks.

Four companies have joined as the first customers adopting Open Money Stack. Tazapay will use the platform for cross-border business payments, Mesh for account funding, Toku for global payroll and Kira for access to U.S. dollar banking services. The unified Open Money Stack integration remains in technical preview for selected customers.

Why it matters

Polygon's acquisition gives its payments business an existing regulatory footprint in the United States without requiring enterprise customers to establish their own state-by-state money transmission operations for services covered by the platform. Coinme's integration addresses a practical gap in digital-dollar payments, as blockchain transfers alone do not handle every stage of customer funding or bank withdrawals. The transaction now places fiat access alongside wallets and settlement within a single payments framework.

For companies sending funds across national borders, recipients often require access to familiar, established local payment networks. Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume, demonstrating the scale of the infrastructure supporting these operations.

Background

Polygon announced plans in January to acquire both Coinme and wallet infrastructure provider Sequence as part of deals valued at approximately $250 million. The two businesses were selected to provide different parts of Open Money Stack, with Coinme handling regulated money movement and Sequence supplying wallet and cross-chain payment technology.

Founded in 2014, Coinme developed digital-asset buying and selling channels through retail cash outlets, debit cards and banking connections. Before the acquisition, it had more than one million app users and access to roughly 50,000 U.S. retail locations.

Tazapay serves over 1,000 clients across 30-plus countries, while Mesh is integrating fiat funding into its network of more than 300 wallets, exchanges and financial companies. Toku is incorporating wallet and payout functions into payroll operations across more than 100 countries, allowing stablecoin earnings to be converted into local currency.

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