Polygon Labs has completed its acquisition of Coinme, adding regulated U.S. fiat infrastructure to the Open Money Stack as the blockchain company deepens its shift toward stablecoin payments. According to Polygon’s official October 14 announcement, the transaction gives its U.S. payments business coverage across 48 states through 37 money-transmitter licenses and 11 applicable exemptions, alongside Coinme’s registration with FinCEN as a money services business.
The closing completes a major component of the acquisition strategy Polygon announced in January. Reuters reported at the time that the planned purchases of Coinme and wallet-infrastructure provider Sequence were worth more than $250 million combined. Polygon has not publicly disclosed how much of that consideration was allocated specifically to Coinme, making estimates for the individual transaction unsuitable as confirmed deal terms.
The acquisition changes the operating scope of Polygon Labs more than the underlying Polygon protocol. Coinme provides fiat on- and off-ramps, regulated wallet infrastructure and access to banking, card and cash rails, while Sequence contributes smart wallets and cross-chain transaction orchestration. Those businesses sit around the blockchain settlement layer, allowing Polygon to offer more of a payment workflow through a single commercial stack.
Open Money Stack Moves Deeper Into Regulated Payments
Polygon’s Open Money Stack combines accounts, wallets, fiat ramps, cross-chain routing and blockchain settlement. The company says Tazapay, Mesh, Toku and Kira are among its first customers, using different components for cross-border business payments, account funding, payroll and dollar access. These integrations represent active commercial deployments, although Polygon has not disclosed payment volume or revenue attributable to each customer.
The strategy represents a broader repositioning already visible in Polygon’s operations. The company has been shifting resources toward regulated payment infrastructure, a transition that previously accompanied staff reductions and the integration of Coinme and Sequence. Rather than relying primarily on blockchain development and ecosystem expansion, Polygon increasingly wants to monetize services surrounding money movement.
Polygon has framed that commercial opportunity aggressively. When announcing the acquisitions, it said the combined regulated access, enterprise infrastructure and onchain settlement created a “clear path” to more than $100 million in annual revenue. That is a company projection, not current annual revenue or a contracted run rate, and Polygon has not published a timetable showing when that level would be reached.
The model also differs from payment infrastructure that accesses licensing entirely through outside partners. Other networks have pursued licensed stablecoin payment rails through third-party regulated institutions, while Polygon is bringing a licensed money transmitter directly under its corporate structure. That increases Polygon’s control over the payment stack but also brings regulated operations and compliance obligations closer to the company itself.
Coinme Brings Licenses and Regulatory Remediation
That regulatory responsibility is already visible. On October 8, the Conference of State Bank Supervisors announced that Coinme had reached a $2.5 million settlement with 34 state financial regulators over violations involving Bank Secrecy Act and anti-money-laundering requirements. Coinme must end its virtual-currency kiosk operations by January 1, 2027 or face an additional $4 million penalty, while an independent consultant will review its BSA/AML program.
The settlement does not say Coinme’s broader money-transmitter licensing network has been revoked. Coinme continues to describe itself as a FinCEN-registered MSB, and Polygon’s closing announcement identifies the 37 licenses and 11 exemptions as the basis for 48-state coverage. The acquisition therefore adds meaningful regulatory infrastructure while simultaneously inheriting an active compliance-remediation process.
For Polygon, the more consequential shift is vertical integration. Stablecoin settlement on Polygon Chain can now be connected more directly with wallet infrastructure, cross-chain orchestration and regulated fiat entry and exit points. This follows a wider payments trend in which traditional networks are also adding stablecoin settlement options for banks and payment processors.
The Coinme closing turns Polygon’s payments strategy from primarily blockchain infrastructure into a business that also controls regulated money-movement components. Whether that produces the revenue Polygon projects will depend on actual payment flows through OMS, while Coinme’s licensing footprint and remediation commitments determine how much of that expansion can operate within the U.S. regulatory perimeter.
