Polygon Labs has finalized its acquisition of Coinme, significantly expanding its Open Money Stack platform with regulated payments coverage across 48 U.S. states. The deal includes 37 state money transmitter licenses, 11 exemptions, and registration with the Financial Crimes Enforcement Network. This move is part of a broader $250 million agreement announced earlier this year to also acquire Sequence, a wallet infrastructure firm.
Early adopters of Open Money Stack include Tazapay, Mesh, Toku, and Kira. Tazapay is leveraging the platform for cross-border business payments, while Mesh is integrating it into its network of over 300 wallets and exchanges. Toku plans to use the infrastructure for stablecoin-based payroll and payouts in local currencies across more than 100 countries. Kira is expanding stablecoin options for clients accessing U.S. bank accounts and payment channels.
Polygon Labs CEO Marc Boiron highlighted the strategic importance of the acquisition, stating that it brings regulated U.S. money movement into Open Money Stack, supporting payments from fund receipt to recipient payout. The platform combines fiat on- and off-ramps, wallets, cross-chain routing, and settlement through a single integration.
Polygon Chain has reported over $3 trillion in cumulative stablecoin transfer volume. While Open Money Stack components are operational, the unified integration remains in a technical preview phase for select customers.