Polygon Labs said it has completed its acquisition of Coinme, folding the company’s regulated U.S. money transmission business into Polygon’s Open Money Stack payments platform. The deal adds 37 state money transmitter licenses and 11 exemptions, which the company said gives its payments operation coverage across 48 U.S. states.

Alongside the closing, Polygon named Tazapay, Mesh, Toku and Kira as early adopters of Open Money Stack. The platform is designed to combine fiat conversion, digital wallets, payment routing and stablecoin settlement through a single integration, while the full unified product remains in technical preview for selected customers.

Coinme deal brings licenses and compliance footprint

According to Polygon, Coinme’s business is registered with FinCEN as a money services business and now provides the regulatory base for its U.S. payments offering. The company said the acquisition gives enterprise customers access to covered money movement services without having to build their own state-by-state transmission operations for those functions.

Polygon had announced plans in January to acquire Coinme and wallet infrastructure provider Sequence in transactions valued at about $250 million. The company said those businesses were chosen to supply different parts of Open Money Stack, with Coinme focused on regulated money movement and Sequence contributing wallet and cross-chain payment technology.

The acquisition follows several months of integration work. In July, Polygon Labs cut staff while preparing to complete the Coinme transaction, and CEO Marc Boiron said at the time that the restructuring was meant to help the company reach profitability by 2027 even as Coinme employees were expected to increase total headcount.

Open Money Stack targets stablecoin-linked business payments

Polygon said Open Money Stack is built to connect bank-based payments and blockchain transfers in one system. Businesses can accept funds from bank accounts or digital wallets, hold balances, move stablecoins and deliver payouts in local currencies using the same infrastructure.

Boiron said stablecoin payment providers still struggle to connect blockchain transfers to bank accounts, compliance requirements and local payment rails. In Polygon’s view, adding Coinme allows the company to support more of the transaction flow, from an initial deposit through to the final payout.

The company said settlement can run across dozens of blockchain networks, with Polygon Chain acting as one of the payment networks used by the system. Polygon also said Polygon Chain has now processed more than $3 trillion in cumulative stablecoin transfer volume.

Four payment firms join as early customers

Tazapay is adopting Open Money Stack for cross-border payments, using Polygon’s wallet and fiat conversion tools to support movement between stablecoins and local currencies. Polygon said Tazapay serves more than 1,000 enterprises and fintechs in over 30 countries, and that the integration will let those customers receive, hold and pay out funds in stablecoins alongside existing local banking and SWIFT connections.

Mesh is integrating Polygon’s fiat on-ramp services into its crypto payments network. Polygon said Mesh connects more than 300 wallets, exchanges and financial services and is using the integration to give customers another way to fund transactions from existing digital asset accounts. Mesh CEO Bam Azizi described access to funds as a persistent bottleneck for stablecoin payments.

Toku and Kira are using the platform for payroll and dollar banking services, respectively. Toku, which operates in more than 100 countries, is integrating wallet and payout functions into its payroll system so companies holding stablecoins can pay workers through digital wallets and local-currency conversion. Kira, which serves fintechs, OTC desks and import brokers, is adopting Open Money Stack to expand stablecoin options tied to its U.S. banking services and international payment channels.

Recent network additions and next steps

The customer announcements come as Polygon continues expanding Open Money Stack’s network support. On Oct. 8, the company added TRON support for USDT payments and said businesses could route funds through supported blockchains and convert assets into USDC for fiat payouts without handling blockchain bridges directly.

Earlier, in July, Polygon said PayPal USD became available natively on Polygon through Open Money Stack. At that time the company reported more than $2.6 trillion in cumulative stablecoin settlement volume, compared with more than $3 trillion in the latest update.

Polygon has also been building related payment infrastructure around the network, including agent payment channels tested in September. For now, the company said the individual pieces of Open Money Stack are already operational, while the single unified integration is still limited to selected customers in technical preview.

Source: crypto.news