TheBlock
Polygon Labs has completed its acquisition of Coinme, adding money transmission coverage across 48 U.S. states to its Open Money Stack. Coinme brings 37 state money transmitter licenses, 11 applicable exemptions and FinCEN registration as a money services business. The transaction completes part of a $250 million combined deal announced in January to acquire Coinme and wallet infrastructure firm Sequence.
Why it matters
Open Money Stack combines fiat on- and off-ramps, wallets, cross-chain routing and settlement through one integration. Businesses can accept funds, settle in stablecoins and pay recipients in local currency, connecting crypto settlement with regulated payment flows.
Tazapay is using the platform for cross-border business payments, while Mesh is adding an on-ramp to its network of more than 300 wallets, exchanges and financial services. Toku plans to connect stablecoins with compliant payroll and local-currency payouts across more than 100 countries. Kira is using the stack to expand stablecoin options for clients accessing U.S. bank accounts and payment channels.
Market impact
The acquisition gives Polygon a wider compliance footprint for companies building payment and payroll services, while the named early users show the infrastructure is already being applied across several business-payment use cases. Polygon says its chain has surpassed $3 trillion in cumulative stablecoin transfer volume.
The unified Open Money Stack integration is still in technical preview for select customers, despite its components already operating. Its next test is whether the platform can move from early deployments to broader business adoption.
Frequently asked questions
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What does Coinme add to Polygon’s Open Money Stack?
Coinme adds coverage across 48 U.S. states, including 37 state money transmitter licenses, 11 applicable exemptions and FinCEN registration as a money services business.
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How does Open Money Stack handle business payments?
It combines fiat on- and off-ramps, wallets, cross-chain routing and settlement. Businesses can accept funds, settle in stablecoins and pay recipients in local currency.
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Which companies are already using or planning to use the platform?
Tazapay is using it for cross-border business payments, and Mesh is adding an on-ramp. Toku plans compliant stablecoin payroll and local-currency payouts, while Kira is expanding stablecoin options.
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How many state money transmitter licenses does Coinme bring?
Coinme brings 37 state money transmitter licenses, 11 applicable exemptions and registration with FinCEN as a money services business.
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Is the unified Open Money Stack integration generally available?
No. Polygon says the stack’s components are operating, but the unified integration remains in technical preview for select customers.
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