Polygon Labs has completed its acquisition of Coinme, adding regulated U.S. money-movement infrastructure to its Open Money Stack. Polygon announced the closing on October 14 and said its U.S. payments business now has coverage across 48 states through 37 state money transmitter licenses and 11 applicable exemptions. The business is also registered with the Financial Crimes Enforcement Network as a money services business. The closing advances a deal first announced in January, when Polygon agreed to buy Coinme alongside blockchain-infrastructure company Sequence as part of a broader push into stablecoin payments.

The acquisition moves from plan to operation

Reuters reported in January that Polygon's planned purchases of Coinme and Sequence were worth more than $250 million in total, although the companies did not disclose a price for either asset separately. At that time, Polygon chief executive Marc Boiron described the goal as becoming a regulated U.S. payments company, initially focused on business-to-business transactions. The October announcement confirms the Coinme transaction is complete. It does not provide updated financial terms or say whether every integration planned at the time of signing is fully deployed.

Related reporting: Polygon Adds TRON to Open Money Stack for USDT Payment Flows

What Coinme adds to the stack

Coinme brings licensed fiat access and cash-to-crypto infrastructure, complementing the wallets, cross-chain routing and settlement tools that Polygon has been assembling. Polygon presents Open Money Stack as a single integration for moving funds from bank accounts, cards or cash into stablecoins, routing value across blockchain networks and paying recipients in usable local forms. The company says this structure can reduce the number of vendors a payments team must connect. Regulatory coverage is important to that pitch because converting between conventional money and digital assets generally requires permissions beyond operating blockchain software.

Four early customers are named

Polygon identified Tazapay, Mesh, Toku and Kira as early adopters. Their intended uses include cross-border business payments, account funding, global payroll and U.S. dollar access. Tazapay plans to use on- and off-ramp and wallet infrastructure; Mesh is adding Polygon's on-ramp to its network; Toku focuses on payroll; and Kira combines banking access with stablecoin services. These examples show the range Polygon wants to support, but the announcement does not disclose payment volumes, contract values or launch schedules for each customer.

Licensing claims need careful boundaries

A 48-state footprint does not mean Polygon has received a single nationwide banking license. The stated coverage is a combination of state money transmitter licenses and exemptions, while FinCEN registration identifies the business as a money services business for federal anti-money-laundering purposes. Individual products can still depend on state rules, banking partners and customer eligibility. Businesses using the stack also remain responsible for the compliance obligations that apply to their own services and jurisdictions.

Execution is the next test

Completing Coinme gives Polygon ownership of a regulated access layer rather than merely a future acquisition plan. The commercial result will depend on whether customers route sustained payment activity through Open Money Stack and whether the combined infrastructure can operate reliably across bank, cash and blockchain rails. Polygon has previously discussed a path to more than $100 million in annual revenue from its payments strategy, but that remains a target, not a reported outcome. The verified change today is narrower: Coinme is now part of Polygon, the U.S. licensing footprint is inside the stack, and four customers have been named.

Sources

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