Polygon Labs has completed its acquisition of Coinme, bringing regulated U.S. Money-movement capabilities into its Open Money Stack as the blockchain developer seeks to build a payments business. Chief Executive Marc Boiron said the regulated unit is expected to become profitable in 2027.
The transaction gives Polygon access to 37 state money-transmitter licenses, 11 applicable exemptions and registration with the Financial Crimes Enforcement Network as a money-services business, covering payments activity in 48 states. Coinme will continue operating as a wholly owned subsidiary with its exchange, wallet and crypto-services operations.
Polygon announced the Coinme purchase in January as part of a $250 million deal that also included wallet-infrastructure company Sequence. The Open Money Stack is designed to let businesses accept funds, convert between traditional currency and stablecoins, move value across blockchains and pay recipients in local currency through one integration.
The acquisition changes where Polygon can earn revenue. Instead of providing only the blockchain rails and sending customers to separate providers for conversions and withdrawals, Polygon can retain more of the customer relationship and collect fees tied to the value transferred. Those commercial fees are separate from Polygon blockchain transaction fees, which are distributed through the network to validators and stakers.
The strategy puts Polygon against established payment companies. Traditional payment firms are also moving toward blockchain-based settlement: Stripe has expanded stablecoin payments, Swift is developing blockchain infrastructure with major banks, and Visa has added Polygon and other networks to its stablecoin settlement efforts.
Polygon’s early Open Money Stack customers include Tazapay, Mesh, Toku and Kira. Tazapay is using the system for cross-border business payments, Mesh is adding an on-ramp to a network spanning more than 300 wallets, exchanges and financial services, Toku is connecting stablecoins with payroll and local-currency payouts in more than 100 countries, and Kira is expanding stablecoin options for clients using U.S.
The platform’s components are operating, but its unified integration remains in technical preview for selected customers. Polygon said its blockchain has processed more than $3 trillion in cumulative stablecoin transfer volume, while the company now has to persuade businesses to use its broader payments infrastructure as well as its underlying network.