**Polygon Labs** has finalized its acquisition of crypto payments provider Coinme, bringing money transmitter licenses authorized in 48 U.S. states onto its payments platform. The deal closed several months after the originally targeted deadline.
Key points
Polygon Labs closes Coinme acquisition…securing 37 state money transmitter licenses and 11 exemption approvals
Tazapay, Mesh, Toku, and Kira among the first customers of the “Open Money Stack”
Deal closes more than three months later than its Q2 target
Polygon completes Coinme acquisition
Polygon Labs announced the closing of its acquisition of Coinme in an official blog post published on October 14. The deal adds money transmitter licenses in 37 U.S. states and regulatory exemptions applicable in 11 states to Polygon’s “Open Money Stack” platform. Coinme is also registered federally with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB).
The closing completes part of a package deal worth more than $250 million, announced in January this year. The deal also includes the acquisition of wallet infrastructure provider Sequence. The Block also reported on the news that Polygon had closed the acquisition.
Polygon had targeted the second quarter to close the Coinme deal, but the actual closing reportedly came more than three months later. Crypto Times and others also noted the delay.
The four early users of Open Money Stack are Tazapay, Mesh, Toku, and Kira. They use the platform for a range of purposes, including cross-border payments, account funding and withdrawals, payroll, and access to U.S. dollars. Tazapay, in particular, is a cross-border payments company with more than 1,000 corporate and fintech customers in over 30 countries.
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Marc Boiron: “From funds entering the system to recipients receiving them, all in one go”
Polygon Labs CEO Marc Boiron emphasized that the Coinme acquisition gives the company “infrastructure that supports the entire process, from the moment funds enter the system to when recipients receive the payment.”
Open Money Stack brings together fiat on- and off-ramps, wallets, cross-chain routing, and payment and settlement capabilities in a single integration. Businesses can use the platform to collect funds, settle in stablecoins, and pay end recipients in local currency.
Mesh CEO **Bam Azizi** said that “the bottleneck in stablecoin payments is access,” adding that Mesh is integrating Polygon’s on-ramp into its network of more than 300 wallets, exchanges, and financial services. Polygon says Open Money Stack is already live, but its unified interface remains in the technical preview stage.
The Coinme deal’s history and regulatory issues
Polygon has not yet provided details on what role, if any, its Polygon Ecosystem Token (POL) will play in or be used by Open Money Stack. It has also not disclosed the names of the two states excluded from its regulatory coverage.
Coinme also has a regulatory history. On June 25, 2025, California’s financial regulator fined Coinme $300,000 in the first enforcement action under the state’s cryptocurrency licensing law, enacted in 2023.
Polygon officially announced its plans to acquire Coinme and Sequence on January 13, and cut staff on July 16 as part of a restructuring tied to the integration. At the time, CEO Boiron said the acquisitions and integration would help the company become profitable in 2027.
On October 8, Open Money Stack added support for Tron (TRX), expanding payment and settlement capabilities for Tether (USDT) on the Tron network.
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