Polygon Labs completes Coinme acquisition, gaining money transmitter licenses across 48 US states

Polygon Labs completed its acquisition of Coinme on October 14, 2026, part of a $250 million deal alongside Sequence announced in January. The acquisition provides Polygon's Open Money Stack platform with regulated money transmission capabilities across 48 U.S. states via 37 state licenses and FinCEN registration. Early adopters including Tazapay, Mesh, Toku, and Kira are implementing the stack for cross-border payments, payroll, and banking connections as Polygon Chain surpasses $3 trillion in cumulative stablecoin transfer volume.

Polygon Labs acquisition of Coinme

• ▪Polygon Labs completed its acquisition of Seattle-based crypto platform Coinme on October 14, 2026.
• ▪Polygon Labs reduced its workforce in July 2026 while preparing to complete the Coinme transaction, according to CEO Marc Boiron.
• ▪The Coinme deal gives Polygon Labs money-movement regulatory coverage across 48 U.S. states through 37 state money transmitter licenses and 11 exemptions.
• ▪Polygon Labs announced plans on January 13, 2026 to acquire Coinme and wallet developer Sequence for more than $250 million combined.

Coinme regulatory fines and settlements

• ▪The California Department of Financial Protection and Innovation fined Coinme $300,000 and ordered $51,700 in restitution in June 2025 for crypto kiosk violations.
• ▪Coinme agreed to a $2.5 million settlement with 34 state regulators on October 8, 2026 over alleged Bank Secrecy Act and anti-money laundering failures.

Polygon payments business

• ▪Polygon Labs reportedly sought up to $100 million in April 2026 to support the development of its payments business.
• ▪Polygon Labs' U.S. payments business is registered as a money services business with the Financial Crimes Enforcement Network (FinCEN).

Open Money Stack capabilities and status

• ▪Open Money Stack added support for the TRON blockchain on October 8, 2026, enabling USDT payments and payouts.
• ▪Polygon Labs' Open Money Stack platform combines fiat on- and off-ramps, digital wallets, payment routing, and settlement infrastructure in a single integration.
• ▪Open Money Stack remained in a technical preview for selected customers as of October 14, 2026.

Integrations with Open Money Stack

• ▪Crypto payments network Mesh integrated Polygon Labs' fiat on-ramps into its network connecting over 300 wallets, exchanges, and financial services.
• ▪AI financial platform Kira adopted Open Money Stack to connect U.S. dollar banking rails including ACH, Fedwire, and FedNow with stablecoins.
• ▪Global payroll provider Toku integrated Open Money Stack's wallet and payout tools to enable stablecoin payroll conversions in over 100 countries.
• ▪Cross-border payments provider Tazapay adopted Open Money Stack to provide currency conversion tools between stablecoins and local fiat currencies.

Polygon stablecoin activity

• ▪PayPal USD became available natively on Polygon through Open Money Stack in July 2026.
• ▪Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume, according to Polygon Labs.