Polygon Labs has successfully completed its acquisition of Coinme, bringing 37 state money transmitter licenses and 11 exemptions into its U.S. payments business. According to a press release shared with crypto.news, the acquisition provides coverage across 48 states and gives Polygon access to a U.S. payments business registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business. The business combination combines regulated U.S. money transmission services with stablecoin payments, digital wallets and local currency settlement through a single platform. As highlighted by influencer @WuBlockchain, this acquisition could attract more businesses to Polygon's platform as it enhances user engagement and interoperability, marking a pivotal step in Polygon's strategic shift toward payments. CEO Marc Boiron told CoinDesk that the Coinme acquisition will help Polygon control customer relationships and capture revenue that previously went to payment intermediaries, allowing the company to manage conversions between cryptocurrencies, stablecoins and traditional currencies while retaining customer relationships and collecting payment fees.
Four companies have adopted Polygon Open Money Stack for cross-border payments, account funding, global payroll and dollar banking services. Tazapay is using the platform's wallet and fiat conversion infrastructure to support payments between stablecoins and local currencies, serving over 1,000 enterprises across 30+ countries. Mesh is integrating Polygon's fiat on-ramp services into its existing crypto payments network, connecting more than 300 wallets, exchanges and financial services. Toku is integrating wallet and payout services into its global payroll infrastructure operating in more than 100 countries, while Kira is expanding stablecoin options for businesses using its U.S. banking services. The broader crypto market is currently displaying mixed signals, yet Polygon's recent acquisition of Coinme stands out as a strategic pivot toward expanding its regulated payment capabilities. Boiron emphasized that unlike blockchain transaction fees, which can be fractions of a cent, the payments business can earn fees based on the value of the money transferred, with millions of dollars in additional fees going to validators and token stakers.
The platform combines fiat conversion, digital wallets, payment routing and stablecoin settlement across dozens of blockchain networks through a single integration. According to the company, Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume, while the unified Open Money Stack integration remains in technical preview for selected customers. The infrastructure supports settlement across dozens of blockchains, with Polygon Chain serving as one of its payment networks. In October, Polygon added TRON support to the platform, allowing businesses to accept funds through multiple channels before routing payments through supported blockchains. The platform's early users include Tazapay, Mesh, Toku, and Kira, though the unified integration remains in technical preview and is not yet generally available to customers.
Polygon Labs expects its regulated payments business to become profitable in 2027 as it moves beyond blockchain infrastructure to enter the payments processing industry dominated by companies such as Visa and Stripe. Boiron told CoinDesk that Polygon is a long way from providing serious competition to the incumbents, noting that Visa's payments volume in fiscal 2025 topped $12.3 trillion, while Stripe hit $1.9 trillion. However, the acquisition addresses a longstanding problem for blockchain networks by allowing Polygon to handle more of the payment process rather than handing customers off to third parties. "We don't have that customer relationship; we don't get to decide what happens," Boiron explained, claiming rival blockchains have offered financial incentives to payment companies to move their transactions away from Polygon. "Now, when we are the ones running the regulated business, nobody can cause us to move flows anywhere that we don't want to, because we actually have those customer relationships." The company faces competition from traditional payment companies expanding into blockchain-based money transfers, with Stripe building out stablecoin payments and Swift developing blockchain infrastructure with major banks.
