Polygon Labs secures payments coverage across 48 US states after Coinme deal

Polygon Labs has completed its acquisition of Coinme and brought four payment companies onto its Open Money Stack platform, combining regulated U.S. money transmission services with stablecoin payments, digital wallets and local currency settlement.

According to a press release shared with crypto.news, the acquisition gives Polygon access to a U.S. payments business with 37 state money transmitter licenses and 11 applicable exemptions, providing coverage across 48 states.

The business is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

Polygon named Tazapay, Mesh, Toku and Kira among the first customers adopting Open Money Stack for cross-border business payments, account funding, global payroll and access to U.S. dollar banking services.

The platform combines fiat on-ramps and off-ramps, wallets, cross-chain payment routing and settlement infrastructure through a single integration. Businesses can receive funds from bank accounts or digital wallets, manage balances, transfer stablecoins and deliver payments in local currencies.

Polygon said the infrastructure supports settlement across dozens of blockchains, with Polygon Chain serving as one of its payment networks. The chain has now processed more than $3 trillion in cumulative stablecoin transfer volume, according to the company.

Coinme acquisition brings U.S. licenses into Polygon Open Money Stack

Coinme’s integration gives Polygon’s payments business an existing regulatory footprint in the United States without requiring enterprise customers to establish their own state-by-state money transmission operations for services covered by the platform.

The acquisition follows several months of work to combine Coinme’s regulated payment services with Polygon’s blockchain infrastructure.

In July, Polygon Labs reduced its workforce while preparing to complete the Coinme transaction.

CEO Marc Boiron said at the time that the restructuring was intended to support profitability by 2027. He expected the integration of Coinme employees to raise the company’s overall headcount despite the job cuts.

Polygon had announced plans in January to acquire Coinme and wallet infrastructure provider Sequence as part of deals valued at approximately $250 million.

The two businesses were selected to provide different parts of Open Money Stack, with Coinme handling regulated money movement and Sequence supplying wallet and cross-chain payment technology.

In April, Polygon Labs was reportedly seeking up to $100 million to support the development of its payments business following the acquisitions.

Boiron said in the latest announcement that stablecoin payment providers still face difficulties connecting blockchain transfers to bank accounts and local payment systems.

“Payment companies want to use stablecoins to improve how money moves, but they still need to connect those payments to bank accounts, meet regulatory requirements and deliver funds in a form their customers can use,” he said.

The CEO said completing the acquisition brought regulated U.S. money movement into Open Money Stack, allowing Polygon to support more stages of a transaction from the initial deposit to the recipient’s payout.

Tazapay and Mesh adopt Polygon’s payment infrastructure

Tazapay is using Open Money Stack’s wallet and fiat conversion infrastructure to support payments between stablecoins and local currencies.

The company provides cross-border payment services to more than 1,000 enterprises and fintech businesses across over 30 countries.

Its customers include marketplaces, businesses and financial technology companies that collect payments from international customers and pay suppliers in different markets.

Through the Polygon integration, Tazapay can offer customers the ability to receive, hold and pay out funds using stablecoins alongside its existing local banking and SWIFT payment connections.

Tazapay co-founder and CEO Rahul Shinghal said businesses primarily want to know how long an international payment will take and how much it will cost.

He said Open Money Stack provides a more direct connection between stablecoins and local currencies, reducing the number of intermediaries involved in certain payment corridors.

Mesh, meanwhile, is integrating Polygon’s fiat on-ramp services into its existing crypto payments network.

The company connects more than 300 wallets, exchanges and financial services, allowing users to fund transactions from accounts where they already hold digital assets.

Its customers include fintech companies, payment platforms and crypto businesses seeking to support transfers between traditional currencies and cryptocurrencies.

Polygon’s on-ramp infrastructure provides another route for users to fund accounts through the Mesh network without requiring payment providers to maintain separate connections to each supported service.

Mesh CEO and co-founder Bam Azizi identified access to funds as a continuing obstacle for stablecoin payments.

“The bottleneck in stablecoin payments is access,” Azizi said, explaining that connecting existing accounts and providing more funding options was central to Mesh’s payment network.

Toku and Kira bring stablecoin payroll and banking services

Toku is integrating Polygon’s wallet and payout services into its global payroll infrastructure, which operates in more than 100 countries.

The company provides payroll and employer-of-record services, handling employment contracts, tax withholding, employee benefits and local regulatory filings.

For companies holding stablecoins in their treasuries, Toku’s integration allows workers to receive earnings in digital wallets and convert them into local currencies through the same payroll process.

Toku introduced stablecoin payroll services in January, and its work with Polygon adds wallet management and local payout capabilities to that offering.

CEO Ken O’Friel said international employment rules remain a separate challenge from transferring stablecoins across borders.

Toku handles employment requirements, withholding taxes and local filings while providing workers with a way to convert stablecoin earnings into their domestic currencies, according to O’Friel.

Kira is adopting Open Money Stack to expand the stablecoin options available to businesses using its U.S. banking services.

The company serves fintech businesses, over-the-counter trading desks and import brokers that need access to dollar accounts and international payment channels.

Its platform allows customers to open USD accounts at multiple U.S. banks and transfer funds through ACH, Fedwire and FedNow. International supplier payments are supported through SWIFT, alongside conversions between U.S. dollars and stablecoins.

Kira said accounts can be opened within 72 hours after receiving a customer’s required documents. The announcement further stated that more than 90% of payments are approved during their first review, although it did not provide a measurement period for that figure.

CEO and co-founder Edrizio De La Cruz said businesses still face banking and compliance requirements after completing stablecoin transfers.

Kira’s integration with Polygon is intended to connect stablecoin payments with dollar deposits into customers’ U.S. bank accounts.

Polygon expands stablecoin settlement across multiple networks

The customer announcements follow Polygon’s recent additions to Open Money Stack, including support for stablecoins and transfers across several blockchain networks.

On October 8, Polygon added TRON support to the platform, allowing businesses to accept funds through banks, cards, cash and cryptocurrencies before routing payments through supported blockchains.

The integration supports USDT on TRON and uses Polygon Trails to move funds between TRON and supported Ethereum Virtual Machine networks. Businesses can convert supported assets into USDC and arrange fiat payouts without requiring customers to handle blockchain bridges directly.

In July, PayPal USD became available natively on Polygon through Open Money Stack, giving businesses access to PYUSD alongside wallet services, compliance tools and fiat conversion infrastructure.

Polygon reported more than $2.6 trillion in cumulative stablecoin settlement volume at the time, compared with the more than $3 trillion figure disclosed in its latest announcement.

The company has continued developing other payment services around the network. In September, Polygon tested agent payment channels capable of processing more than 11 million verified payment updates per second across 25 hubs, with final settlement recorded on Polygon Chain.

Open Money Stack’s individual components are already operational, while the unified integration is available to selected customers in technical preview.

Fintech companies, financial institutions and payment providers can request access through Polygon’s team.