CoinDesk
Polygon Labs has completed its acquisition of Coinme, a U.S.-regulated crypto payments provider, a move CEO Marc Boiron frames as the company's entry into the payments processing industry dominated by Visa and Stripe. The deal gives the Polygon blockchain developer the ability to handle conversions between cryptocurrencies, stablecoins and traditional money using its own resources, and the company expects its regulated payments business to turn profitable in 2027.
The acquisition is part of a broader shift that began with January's launch of the Open Money Stack, a framework supporting stablecoin-based payments and cross-border transfers. Until now, Polygon supplied the rails but handed customers to third parties whenever money entered or left the blockchain. "We're a payments-focused company that just uses blockchains to move money," Boiron said, noting that rival networks had even offered financial incentives to steer payment flows away from Polygon.
Why it matters
The deal addresses a structural weakness of blockchain networks: they power transactions but rarely own the customer relationship, so most of the economics accrues to intermediaries. Unlike blockchain transaction fees, which can run fractions of a cent, payments fees scale with the value transferred. Polygon Labs says its chain's transaction fees already offset token emissions, with millions of dollars flowing to validators and stakers.
The company faces a steep climb against incumbents. Visa's fiscal 2025 payment volume topped $12.3 trillion and Stripe processed $1.9 trillion, while Polygon's unified payments platform remains in technical preview with early users including Tazapay, Mesh, Toku and Kira.
Market impact
Competition is also arriving from the opposite direction. Stripe is building stablecoin payments, Swift is developing blockchain infrastructure with major banks, and Visa has added Polygon to its stablecoin settlement network while launching a platform for banks to issue and settle stablecoins. The question for Polygon is no longer whether companies use its blockchain, but whether they route the money itself through Polygon Labs.
Frequently asked questions
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Why did Polygon acquire Coinme?
The acquisition gives Polygon Labs a U.S.-regulated payments provider, letting it handle conversions between crypto, stablecoins and traditional money in-house while keeping customer relationships and collecting fees that previously went to third-party intermediaries.
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When will Polygon's payments business become profitable?
CEO Marc Boiron said Polygon Labs expects its regulated payments business to become profitable in 2027 as it expands from blockchain infrastructure into payment processing.
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Can Polygon compete with Visa and Stripe?
Not yet at scale. Visa processed over $12.3 trillion in payments volume in fiscal 2025 and Stripe hit $1.9 trillion, while Polygon's unified payments platform remains in technical preview with a small group of early users.
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What is the Open Money Stack?
It is a framework Polygon Labs introduced in January to support stablecoin-based payments and streamline cross-border transfers, forming the foundation for the company's move into payment processing.
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How does the payments business differ from Polygon chain fees?
Blockchain transaction fees on Polygon can be fractions of a cent, while payment fees scale with the value of money transferred. Boiron said chain transaction fees already offset token emissions, with additional millions in fees going to validators and stakers.
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