Polygon Labs Completes Coinme Acquisition, Expands U.S. Payments

Polygon Labs has finalized its acquisition of Coinme, strengthening its position in the U.S. stablecoin payments market and expanding its regulated operations across 48 states. The deal adds 37 state money transmitter licenses and 11 regulatory exemptions to Polygon’s Open Money Stack platform.

Announced Wednesday, the acquisition integrates Coinme’s licensed money transfer services into Polygon’s blockchain payment infrastructure. Coinme is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

The purchase forms part of a $250 million combined transaction announced in January, which also included wallet infrastructure provider Sequence. Together, the acquisitions aim to connect regulated financial services, digital wallets, and cross-chain payment routing.

Polygon Labs CEO Marc Boiron said completing the Coinme acquisition establishes a stronger foundation for moving money across traditional financial systems and blockchain networks.

“Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack,” Boiron stated.

Polygon’s Open Money Stack allows businesses to access banking services, convert traditional currencies into stablecoins, and settle transactions across supported blockchain networks through a unified integration.

The platform supports conventional payment methods, including ACH, Fedwire, FedNow, SWIFT, and debit cards. It also provides identity verification, sanctions screening, payment routing, and custodial and non-custodial wallet services.

The expansion comes as financial institutions increasingly explore stablecoin adoption. Wells Fargo is preparing for potential U.S. stablecoin opportunities, while Ripple recently partnered with Privy to improve embedded wallet access for XRP Ledger payments.

Meanwhile, Polygon identified Tazapay, Mesh, Toku, and Kira as early adopters of its payment infrastructure.

Tazapay plans to connect stablecoins with local currencies for international business transactions. Mesh will incorporate fiat funding capabilities into its network of more than 300 wallets, exchanges, and financial service providers.

Toku will leverage Polygon’s infrastructure for stablecoin payroll and local currency payouts across over 100 countries. Kira, meanwhile, intends to improve business access to U.S. banking services and stablecoin payment channels.

Despite the acquisition milestone, Polygon’s native cryptocurrency, POL, remained under selling pressure. The token traded around $0.0982, declining 3.38% over the previous 24 hours.

The acquisition positions Polygon to compete more directly in the expanding stablecoin payments sector by combining regulated financial infrastructure with blockchain-based settlement services.