Polygon Coinme acquisition is complete. Polygon Labs now brings four payment companies onto Open Money Stack. The platform combines regulated U.S. money transmission with stablecoin payments. It also adds digital wallets and local currency settlement.
Why the Polygon Coinme Acquisition Matters
Specifically, the deal gives Polygon a U.S. payments business. That business holds 37 state money transmitter licenses. It also holds 11 applicable exemptions. Therefore, coverage spans 48 states. FinCEN registers the business as a money services business.
Coinme Brings U.S. Licenses to Open Money Stack
Coinme’s integration gives Polygon an existing U.S. regulatory footprint. Consequently, enterprise customers avoid building state-by-state money transmission. The acquisition follows months of integration work. In July, Polygon Labs reduced its workforce. It did so while preparing to complete the Coinme transaction.
CEO Marc Boiron said the restructuring supports profitability by 2027. He expected Coinme employees to raise overall headcount. Polygon announced plans in January to acquire Coinme. It also planned to acquire Sequence. Those deals were valued at approximately $250 million. Polygon selected the two businesses for different roles. Coinme handles regulated money movement. Sequence supplies wallet and cross-chain payment technology. In April, Polygon Labs reportedly sought up to $100 million. That funding would support its payments business.
Boiron said stablecoin payment providers still face difficulties. They struggle to connect blockchain transfers to bank accounts. They also struggle with local payment systems. “Payment companies want to use stablecoins to improve how money moves,” he said. “But they still need to connect those payments to bank accounts.” He added that they must meet regulatory requirements. They must also deliver funds in a usable form. Completing the acquisition brought regulated U.S. money movement into Open Money Stack.
Tazapay and Mesh Adopt the Platform
Tazapay is using Open Money Stack’s wallet and fiat conversion. Consequently, it supports payments between stablecoins and local currencies. The company provides cross-border payment services. It serves more than 1,000 enterprises and fintech businesses. Those clients operate across over 30 countries. Its customers include marketplaces and financial technology companies. They collect payments from international customers. They also pay suppliers in different markets. Through the integration, Tazapay can offer stablecoin receipt and payout. It adds those features alongside local banking and SWIFT connections.
Tazapay co-founder and CEO Rahul Shinghal said businesses want two answers. Specifically, they ask how long a payment will take. They also ask how much it will cost. He said Open Money Stack provides a more direct connection. It reduces intermediaries in certain payment corridors.
Meanwhile, Mesh is integrating Polygon’s fiat on-ramp services. It adds them to its existing crypto payments network. The company connects more than 300 wallets and exchanges. It also connects financial services. Therefore, users can fund transactions from existing accounts. Its customers include fintech companies and payment platforms. They also include crypto businesses. Those firms support transfers between traditional currencies and cryptocurrencies. Polygon’s on-ramp infrastructure provides another funding route. It removes the need for separate connections to each service.
Mesh CEO and co-founder Bam Azizi identified access as a continuing obstacle. “The bottleneck in stablecoin payments is access,” Azizi said. He explained that connecting existing accounts matters. Providing more funding options is also central to Mesh’s network.
Polygon Expands Stablecoin Settlement
The customer announcements follow recent additions to Open Money Stack. On October 8, Polygon added TRON support. Consequently, businesses can accept funds through banks and cards. They can also accept cash and cryptocurrencies. Then they can route payments through supported blockchains. The integration supports USDT on TRON. It uses Polygon Trails to move funds. Those funds move between TRON and supported EVM networks. Businesses can convert supported assets into USDC. They can also arrange fiat payouts. Customers do not need to handle blockchain bridges directly.
In July, PayPal USD became available natively on Polygon. Open Money Stack provides that access. Businesses gain PYUSD alongside wallet services. They also gain compliance tools and fiat conversion infrastructure. Polygon reported more than $2.6 trillion in cumulative stablecoin settlement volume then. Its latest announcement disclosed more than $3 trillion.
The company has continued developing other payment services. In September, Polygon tested agent payment channels. Those channels processed more than 11 million verified payment updates per second. They operated across 25 hubs. Final settlement was recorded on Polygon Chain. Open Money Stack components operate already. Selected customers can access the unified integration in technical preview. Fintech companies and financial institutions can request access. Payment providers can also request access through Polygon’s team.
What Comes Next for Polygon Coinme Acquisition
The acquisition gives Polygon a regulated U.S. payments base. It also adds four payment customers to Open Money Stack. Therefore, Polygon can support more transaction stages. It can handle initial deposits through recipient payouts. However, the company must still integrate operations fully. It must also maintain compliance across 48 states. For now, the Polygon Coinme acquisition marks a major step. It combines regulated money movement with stablecoin infrastructure.