Polygon Completes Coinme Acquisition, Gains Payments Reach Across 48 U.S. States

TLDR:

• Polygon completed its Coinme acquisition on October 14, extending its payments reach across 48 U.S. states.
• The acquired business operates with 37 state money transmitter licenses and 11 applicable exemptions.
• Coinme brings more than 1 million app users and access to roughly 50,000 U.S. retail locations to Polygon.
• Tazapay, Mesh, Toku and Kira are integrating services, but associated payment volumes remain undisclosed.

Polygon Labs completed its acquisition of Coinme on October 14, giving its U.S. payments operation regulated money-transfer infrastructure across 48 states. The deal extends its role beyond blockchain transactions into services connecting bank accounts, cash channels and stablecoins.

That footprint includes 37 state money transmitter licenses and 11 applicable exemptions. The acquired business is also registered with FinCEN as a money services business. However, federal registration is not an operating license, and specific payment services remain subject to state requirements.

The expansion addresses a practical gap in digital-dollar payments. 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. That distinction matters for companies sending funds across national borders, where recipients often require access to familiar, established local payment networks.

Polygon Adds Licensed Payment Infrastructure Through Coinme

Polygon first disclosed agreements to acquire Coinme and wallet provider Sequence in January. Together, the transactions were valued above $250 million, although no standalone price was disclosed for the payments acquisition.

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

These services fit into Open Money Stack, which combines customer deposits, stablecoin conversions, digital wallets, transaction routing and blockchain settlement. Businesses can receive funds, convert them into digital dollars and arrange local-currency payouts through one integration.

The arrangement connects regulated entry and exit points with token transfers, resolving a practical limitation of blockchain-only payment systems. That reach matters most when the payer and recipient rely on different payment methods or banking systems.

Four Payment Firms Join Polygon’s Stablecoin Payment Stack

Four initial customers cover cross-border payments, funding, payroll and banking. Tazapay serves over 1,000 clients across 30-plus countries. Its stablecoin services operate through a registered Canadian entity.

It is using wallet and conversion infrastructure to connect stablecoins with local payment networks. Meanwhile, Mesh is integrating fiat funding into its network of more than 300 wallets, exchanges and financial companies. The service adds a funding route.

Toku is incorporating wallet and payout functions into payroll operations across more than 100 countries, allowing stablecoin earnings to be converted into local currency. Kira is expanding stablecoin options alongside U.S. bank accounts, ACH, Fedwire, FedNow and international transfers.

Although Open Money Stack is operating, its unified integration remains in technical preview for selected customers, according to independent reporting. Related transaction volumes, revenues and processing fees for the four integrations have not been publicly disclosed.

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