Polygon Labs has finalized its acquisition of Coinme, establishing a regulated US payments operation that spans 48 states. The completed transaction equips the company’s Open Money Stack platform with licensed money movement capabilities, linking bank accounts, cash systems, and stablecoins in a single framework.

The acquisition delivers 37 state money transmitter licenses along with 11 applicable exemptions. The business is also registered with the Financial Crimes Enforcement Network as a money services business. This structure allows Polygon to facilitate deposits, withdrawals, and settlements under existing regulatory frameworks without requiring individual clients to secure separate state-level permissions for covered services.

Deal Background and Scope

The Coinme purchase forms part of a combined transaction valued at more than $250 million that was first announced in January and also included wallet infrastructure provider Sequence. Specific pricing for Coinme alone was not disclosed. Coinme, founded in 2014, operates as a licensed crypto exchange and cash-to-cryptocurrency platform. It previously served more than one million app users and maintained access points at roughly 50,000 US retail locations where customers could buy or sell digital assets using cash, debit cards, or bank transfers.

Polygon CEO Marc Boiron stated that the completed acquisition brings regulated US money movement into Open Money Stack. He noted that payment companies seeking to use stablecoins still need connections to bank accounts, regulatory compliance, and delivery of funds in forms customers can use. The platform now supports the full payment lifecycle, from initial funding through on-chain settlement to local-currency payouts.

Open Money Stack Capabilities

Open Money Stack combines fiat on-ramps and off-ramps, digital wallets, cross-chain payment routing, and blockchain settlement through one integration. Businesses can receive funds via bank accounts, cards, or cash deposits, convert value to stablecoins, move it across supported networks, and distribute payments in local currencies. The infrastructure also handles ACH, Fedwire, FedNow, SWIFT, and debit card transactions while incorporating identity verification, sanctions screening, and both custodial and non-custodial wallet options.

Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume since September 2020. Individual platform components are operational, though the fully unified Open Money Stack integration remains in technical preview for selected clients.

Early Business Adopters

Four companies are among the first to adopt the platform for distinct use cases.

Tazapay is connecting stablecoins with local currencies for international business payments. Its co-founder and CEO Rahul Shinghal said the setup offers a more direct route between stablecoins and local currency.

Mesh is adding fiat funding options within its network of more than 300 wallets, exchanges, and financial applications. Mesh CEO and co-founder Bam Azizi identified access to funds as a continuing bottleneck for stablecoin payments and said connecting existing accounts expands available options.

Toku is incorporating wallet and payout tools to support stablecoin payroll alongside local-currency conversion for workers in more than 100 countries. The company already manages employment contracts, tax withholding, benefits, and local filings. Toku CEO Ken O’Friel observed that firms holding stablecoin treasuries rarely struggle to move funds; the greater challenge is employing people legally where they live.

Kira is expanding stablecoin payment channels for businesses that require US bank accounts and traditional transfer rails. Accounts can open within 72 hours of receiving required documents, with a high rate of payments clearing review on the first attempt. Kira CEO and co-founder Edrizio De La Cruz said businesses still confront banking and compliance requirements after completing stablecoin transfers, and the integration links those transfers to dollar deposits in customer accounts.

Regulatory Context

A multistate consent order entered earlier in October requires Coinme to pay $2.5 million across 34 agencies and retain an independent consultant to review its Bank Secrecy Act and anti-money laundering program. The order also directs Coinme to end virtual currency kiosk operations in Georgia before January 1, 2027, while permitting other money transmission services in the state to continue.

With the acquisition closed, Polygon positions Open Money Stack as infrastructure that lets businesses incorporate stablecoins into existing payment flows while operating under established US regulatory licenses.