Polygon Labs Closes Coinme Acquisition, Taking Polygon (POL) Payment Licenses to 48 US States

Coinme Deal Extends Payment Licenses to 48 States

Polygon Labs completed its acquisition of crypto payments company Coinme on Wednesday, extending the regulated payments reach of the Polygon (POL) network to 48 US states. The company announced the closing on October 14, saying it adds 37 state money-transmitter licenses and 11 applicable exemptions, along with registration with the Financial Crimes Enforcement Network (FinCEN) as a money services business. The Polygon (POL) price slipped 5.6% in the last 24 hours. The licenses feed into the Open Money Stack, Polygon's unified payments platform, which bundles digital wallets, fiat on- and off-ramps, cross-chain routing, on-chain settlement and bank integration behind a single connection. Businesses using the stack can accept funds through bank transfer, card or cash deposit, hold or settle them in stablecoins, and pay out in a recipient's local currency. Polygon, the Ethereum scaling network whose proof-of-stake consensus mechanism secures the chain beneath these flows, presents the stack as a way for companies to skip separate bank, payment and compliance integrations. Polygon Labs CEO Marc Boiron said the acquisition provides infrastructure covering a payment end to end, from incoming funds to the recipient's payout. Four firms are already building on the stack, which remains in technical preview. Tazapay, which serves more than 1,000 businesses and fintechs across over 30 countries, is integrating Polygon's wallet and fiat conversion infrastructure for cross-border payments. Mesh, a crypto payments network spanning 300-plus wallets, exchanges and financial services, is adding Polygon's fiat on-ramp to widen its funding sources. Global payroll provider Toku is using the stack so employees can take stablecoin pay and convert it into local currency. Kira, an AI-driven financial services platform, is integrating it to extend stablecoin access alongside US banking rails including ACH, Fedwire and Fednow.

A $2.5 Million Settlement Preceded the Closing

The closing lands ten months after the plan was set. On January 13, Polygon Labs said it would buy Coinme and wallet developer Sequence for a combined $250 million to offer regulated stablecoin payments in the United States. Coinme, founded in 2014, ran roughly 6,000 Bitcoin ATMs across the US in partnership with coin-counting operator Coinstar. Sequence, launched in 2017, supplies smart wallets and the Trails cross-chain routing engine. The completion announcement came days after Coinme settled a multistate enforcement action. The company agreed on October 8 to pay $2.5 million to 34 state regulators over claims of Bank Secrecy Act and anti-money laundering failures, according to the Conference of State Bank Supervisors. Under that settlement, Coinme must shut its virtual currency kiosk operation by January 1, 2027 or pay an additional $4 million, and it must retain an independent consultant to review its compliance program. The kiosks had drawn earlier penalties. California's Department of Financial Protection and Innovation fined Coinme $300,000 in June 2025, $51,700 of it restitution, for breaching state limits on kiosk transactions and receipt disclosures. The purchase also caps a deliberate repositioning. A company spokesperson said in January that Polygon Labs no longer sees itself as a scaling company but as a blockchain-based payments company. Polygon set out to make acquisitions at the start of the year with stablecoin payments access in mind, and Coinme sat at the top of that agenda. The Coinme close is the first of the deal's two legs to complete.

The $250 Million Split Stays Hidden

For the Polygon payments push, the weight of the close sits on licensing, not kiosks. Coinme's 37 money-transmitter licenses and FinCEN registration are the assets folded into the Open Money Stack, while the ATM wind-down and the independent compliance review remain obligations of the legacy kiosk business. Polygon's announcement sets out the deal's scope but not its split: the company has not disclosed how much of the $250 million went to Coinme versus Sequence, or when the Sequence leg closes. The bet builds on volume the chain already carries. Polygon reported on September 29 that its chain has passed $3 trillion in cumulative stablecoin transfers since 2020, and it recently added support for the TRON network to reach about $94 billion in circulating USDT. The close also completes the company's move away from web3 infrastructure tooling toward regulated payment rails. Our Polygon technical analysis page tracks where Polygon (POL) trades after the close, and our Polygon Review 2026 covers the network's risks in depth.