Polygon completes Coinme deal, adds payments in 48 US states

Polygon Labs has completed its acquisition of Coinme, pulling money transmitter licenses across 48 US states into its payments platform. The company announced the close on October 14. That turns Polygon's stablecoin rails into a US-regulated money business, at least on paper.

Those figures come from a Polygon blog post and a statement the company gave to The Block. Coinme brings 37 state money transmitter licenses, 11 exemptions and registration with the US Financial Crimes Enforcement Network as a money services business. Together the licenses and exemptions cover 48 states.

What Polygon bought

Polygon agreed to buy Coinme and the wallet firm Sequence in January 2026 for a combined $250 million. The aim was to add payment licenses, wallet technology and cross-chain routing to Polygon's network. Coinme, founded in 2014, ran bitcoin ATMs and cash-to-crypto services before the deal. Sequence handles wallet infrastructure.

Marc Boiron, chief executive of Polygon Labs, tied the close to the company's payments plan. "Completing the Coinme acquisition brings regulated U.S. money movement into Open Money Stack," he said. Open Money Stack is Polygon's attempt to move dollars and stablecoins through one pipe, the way Stripe moves card payments for online shops. Stablecoins are dollar-pegged tokens, and keeping that peg steady is its own problem.

What the 48-state label really means

That regulated label rests on permits Coinme already held, not on a fresh sign-off tied to the deal. The permits let a licensed firm move customer money inside each state, the same legal footing used by app-based transfer services. Registration with FinCEN covers anti-money-laundering reporting at the federal level.

What changes is ownership. Coinme now sits inside Polygon's US payments business, so its licenses back the money that moves through Open Money Stack. For a crypto-native company, holding real money transmitter licenses is harder to copy than writing code. Years of filings, state by state. That is the part a code team cannot shortcut.

Who is using it, and what is not finished

Polygon named four early customers. Tazapay uses the platform for cross-border business payments. Mesh is adding an on-ramp to its network of more than 300 wallets, exchanges and financial apps. Toku plans to tie stablecoins to payroll and local-currency payouts in more than 100 countries. Kira already uses it to widen stablecoin choices for clients reaching US bank accounts. Stablecoin payments are spreading into mainstream phone wallets at the same time.

One caveat matters. The product itself is not fully live. Polygon said the single integration that ties on-ramps, wallets, routing and settlement together sits in technical preview for select customers. The company has not confirmed that the Sequence side of the January deal has closed, and it did not break out how much of the $250 million went to Coinme alone. Polygon Chain has moved more than $3 trillion in stablecoins to date, the company said.

What to watch

Watch whether the preview becomes a product people outside the pilot can use. A general release date for the unified Open Money Stack would be the clearest signal, along with confirmation that Sequence has closed. Competition is the other question. Stripe, Circle and banks such as Standard Chartered are all chasing stablecoin payment flows, and licenses alone will not decide who wins.