Polygon Labs closes Coinme deal, adding 37 US money transmitter licenses

Key points

• Polygon Labs closed its Coinme acquisition on Oct. 14, 2026
• US payments unit holds 37 state money transmitter licenses and 11 exemptions
• Coverage spans 48 states; unit is registered with FinCEN as a money services business
• Licenses feed Open Money Stack, with Tazapay, Mesh, Toku and Kira as early customers

Polygon Labs said Wednesday it has completed its acquisition of Coinme, a licensed crypto cash-to-coin company, giving its stablecoin payments business regulated coverage in 48 US states. The company’s US payments unit now holds 37 state money transmitter licenses and 11 applicable exemptions, according to Polygon’s announcement.

The unit is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business, The Block reported.

What the Coinme deal gives Polygon

Polygon agreed in January to buy Coinme and wallet infrastructure provider Sequence. The Block put the combined value at $250 million, while Cointelegraph described it as more than $250 million. Polygon’s announcement does not disclose a price.

According to Cointelegraph, Coinme lets users buy and sell digital assets with cash, debit cards and bank transfers. At the time the deal was announced, Polygon said Coinme had more than one million users and a retail network of 50,000 locations.

The licenses matter because US money transmission is regulated mostly at the state level. A company moving customer funds generally needs a license, or an exemption, in each state where it operates, in addition to federal registration with FinCEN. Holding those permissions in-house lets Polygon offer dollar on-ramps and off-ramps without relying on a third-party licensed partner for each state.

How Open Money Stack fits in

Polygon is folding the licenses into Open Money Stack, its payments product. Polygon says the stack covers payins, payouts, accounts and orchestration, built on infrastructure including Polygon Chain, Polygon Ramps and Polygon Multichain Wallets. The Block described it as combining fiat on- and off-ramps, wallets, cross-chain routing and settlement in a single integration. In that setup, a business can accept funds, settle in stablecoins and pay recipients in local currency.

Polygon named four early customers:

• Tazapay, which uses the stack for cross-border business payments.
• Mesh, which is adding an on-ramp to its network of more than 300 wallets, exchanges and financial services.
• Toku, which plans to link stablecoins with compliant payroll and local-currency payouts.
• Kira, which offers US banking and stablecoin access to fintechs, over-the-counter desks and import brokers.

Rahul Shinghal, co-founder and CEO of Tazapay, said the product gives his company “a more direct route between stablecoins and local currency.”

Restructuring and what to watch

Polygon CEO Marc Boiron said in comments cited by Cointelegraph that the company needed the Coinme team to become a “leading payments-focused blockchain company.” Cointelegraph also reported that the deal consolidates some roles at Polygon Labs and linked to a separate story about job cuts tied to the acquisition.

The Block reported that Polygon Chain has passed $3 trillion in cumulative stablecoin transfer volume, a figure it attributed to the company. The Block also said the unified integration remains in technical preview for select customers, though Polygon’s own announcement describes Open Money Stack as live.

The next test is whether the licenses translate into US customer volume. Polygon has not published revenue or user targets for the unit.