Polygon Closes Coinme Deal, Gains 48-State Payments Coverage

Polygon Labs says it has completed its acquisition of Coinme, giving its U.S. payments business a regulated footprint across 48 states: 37 state money transmitter licences and 11 exemptions. The completion was announced on 14 October 2026, and the same post confirms the business is registered with FinCEN as a money services business.

That registration and those licences are the part of payments that does not ship in a release. Polygon agreed to buy Coinme, alongside Sequence, back in January, calling the pair licensed fiat on- and off-ramps, enterprise wallets and onchain orchestration in one integrated solution. Today's post closes the Coinme half of that plan.

What Coinme Brings to Polygon

Coinme's regulated standing was the headline item in January's announcement as well. Polygon said Coinme operates in 48 U.S. states through money transmitter licences and compliance infrastructure, runs a nationwide 50,000-location retail footprint, and serves more than one million users of its consumer payments app. Its backers included Pantera, Digital Currency Group, Coinstar, Circle Ventures and MoneyGram.

The buyer described Coinme then as a wholly owned subsidiary, subject to customary regulatory approvals. Today's post treats the deal as done.

Sequence brings the other half: its Trails product is a one-click cross-chain routing and intents engine. Together the two businesses had already processed $1 billion in offchain sales and $2 trillion in onchain volume by the time of the January announcement, and Polygon said the combination set up a path to more than $100 million in annual revenue.

Who Is Already Using the Stack

Polygon Open Money Stack is live as of the announcement. Tazapay, Mesh, Toku and Kira are among the first to adopt it, for cross-border business payments, account funding, global payroll and U.S. dollar access. Each one plugs into a different part of that pitch.

• Tazapay serves more than 1,000 enterprises and fintechs across more than 30 countries.
• Mesh's network brings together more than 300 wallets, exchanges and financial services, with Open Money Stack now an additional on-ramp path inside it.
• Toku operates in more than 100 countries, handling employment contracts, tax withholding, benefits and local filings in each jurisdiction.
• Kira opens accounts within 72 hours of receiving a client's documents, and 9 of 10 payments are approved on first review. It uses AI agents to give fintechs, OTC desks and import brokers U.S. banking and stablecoins in one place.

Read the four together and the shape of the product becomes clearer. Tazapay and Toku need money to cross borders and reach people in local form. Mesh needs a route for users to get funds in. Kira needs the bank account and the stablecoin side to sit in the same place. A payments business with licences in 48 states is one answer to all four.

The Revenue Claim Worth Watching

More than $100 million in annual revenue is a target, not a result. It rests on real payment flows moving through the stack rather than on volume passing across Polygon Chain, and the metric to watch is whether the customers named today stay and add volume.

The other number to keep separate from that is the cumulative stablecoin throughput Polygon has reported over the year, which measures activity on the chain, not fees earned by the payments business. Different business, different balance sheet.

What the company has assembled is a licensed footprint, a set of enterprise customers and a live product in the same announcement. Whether the licensing work translates into revenue is the question the next few quarters answer.