Polygon Labs has completed its acquisition of Coinme, bringing money transmission permissions covering 48 U.S. states into its Open Money Stack payments platform and moving the company closer to offering regulated fiat-to-stablecoin payment services through a single integration.
The deal gives Polygon Labs access to Coinme’s 37 state money transmitter licenses, 11 state exemptions, and its registration with the Financial Crimes Enforcement Network as a money services business, according to the company’s announcement. Polygon Labs plans to use those permissions as part of regulated payment rails for businesses that need to accept traditional currency, settle transactions in stablecoins, and pay recipients in local currencies.
Coinme is the second part of a combined $250 million acquisition plan announced by Polygon Labs in January. That plan also included Sequence, a wallet infrastructure provider. Together, the transactions were designed to combine compliance permissions, wallet technology and cross-chain routing within Polygon Labs’ growing payments operation.
Open Money Stack targets business payments and payroll
Open Money Stack is Polygon Labs’ framework for companies building payment products on blockchain rails. The platform combines fiat on-ramps and off-ramps, digital wallets, cross-chain routing and settlement tools, allowing a business to avoid stitching together separate providers for each part of a transaction.
A fiat on-ramp converts local currency into digital assets, while an off-ramp converts digital assets back into local currency. Cross-chain routing moves assets or transaction instructions between different blockchain networks. Bringing those services under one platform could reduce the number of technical and commercial relationships required for a company offering stablecoin payments.
The Coinme acquisition adds a regulated U.S. component to that structure. Businesses operating payment flows involving dollars and stablecoins often need money transmission permissions when they receive, move or convert customer funds. Coinme’s licenses and exemptions give Polygon Labs an established regulatory footprint in most U.S. states, though state-level requirements can vary depending on the activity and the jurisdiction.
Polygon Labs said the unified Open Money Stack integration is currently in technical preview for selected customers. Individual components are already live, meaning companies can begin using certain services before the broader integrated product becomes generally available.
Tazapay, Mesh, Toku and Kira join early users
Polygon Labs named Tazapay, Mesh, Toku and Kira as among the first companies using Open Money Stack services for payment-related products.
Tazapay is using the infrastructure for cross-border business payments, according to Polygon Labs. International business payments commonly involve several intermediaries, foreign-exchange conversions and differing local settlement systems. Stablecoin settlement can potentially shorten the blockchain portion of the payment flow, although recipients and businesses still need compliant paths into and out of local currency.
Mesh is connecting its on-ramp offering to a network of more than 300 wallets, exchanges and financial services, Polygon Labs said. The connection would give users additional options for moving funds between conventional payment methods and crypto accounts supported by Mesh’s network.
Toku plans to use the platform for payroll, linking stablecoin payments with compliant local-currency payouts in more than 100 countries. Payroll presents a demanding use case because employers must account for local employment rules, payment schedules, currencies and reporting requirements. Toku’s approach suggests Polygon Labs is seeking customers whose needs extend beyond crypto trading or consumer wallet funding.
Kira is already using the stack to expand stablecoin options for clients that access U.S. bank accounts and payment channels, Polygon Labs said. Its participation places bank-connected payment access alongside blockchain settlement options, rather than treating stablecoins as a standalone product.
Acquisitions extend Polygon Labs beyond blockchain infrastructure
The acquisition strategy marks a more commercial direction for Polygon Labs, which is best known for developing technology associated with the Polygon ecosystem. Sequence contributes embedded wallet capabilities that can allow an application to create and manage user wallets without requiring every customer to navigate separate wallet software.
Coinme brings a different asset: regulated payment permissions and established fiat infrastructure. Combining those pieces with cross-chain routing would allow Polygon Labs to offer a more complete payments package to businesses, from account funding and wallet access through stablecoin settlement and local-currency disbursement.
That model places Polygon Labs in a competitive field that includes specialist stablecoin payment companies, digital-asset infrastructure providers and traditional financial technology firms adding blockchain settlement tools. The company’s challenge will be turning a collection of acquired services into an integration that is straightforward enough for payment firms to deploy, while maintaining the compliance controls expected for regulated money movement.
Polygon Labs said Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume. The figure measures on-chain transfers and does not by itself show how much of that activity came from consumer payments, business settlement, trading-related transfers or other uses. Even so, the scale gives the company an existing network on which to market payment services.
The immediate test for Open Money Stack will be whether early partners move from limited integrations to recurring payment and payroll flows. Tazapay’s cross-border payments, Toku’s payroll products and Kira’s bank-connected stablecoin services offer practical cases where licensing, fiat conversion and blockchain settlement need to work together rather than as separate tools.
Explore how regulated stablecoin rails shape markets in 2026—read this in-depth stablecoin outlook next.
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