Polygon Labs has closed its acquisition of Coinme, becoming a regulated on-chain payments platform across the United States as part of a broader $250 million deal. The transaction comes alongside a fresh round of layoffs and a strategic pivot toward payment services.
🔑 Key takeaways
- Polygon Labs finalised its takeover of Coinme in October 2026, the first licensed Bitcoin ATM operator in the US.
- The deal delivers 48-state regulatory coverage, including 37 money transmitter licences and FinCEN registration.
- Open Money Stack combines fiat on/off-ramps, wallets, cross-chain routing and settlement into a single integration.
- Polygon has cleared $3 trillion+ in cumulative stablecoin transfers and ranks as the 8th largest stablecoin ecosystem.
- Layoffs continue in parallel, with management targeting profitability by 2027.
A $250 million deal to integrate regulated payments
The acquisition closed in October 2026 under a $250 million agreement announced back in January 2026. The deal bundles two purchases: Coinme, the first licensed Bitcoin ATM operator in the United States, and Sequence, a wallet infrastructure platform. The combined transaction positions Polygon Labs to move regulated US dollars on-chain at scale, using direct connections to bank accounts and existing payment systems.
Chief executive Marc Boiron framed the strategic rationale as follows:
“Completing the acquisition of Coinme integrates regulated US money movement into the Open Money Stack, giving us more infrastructure to support a payment from the moment funds arrive to the moment the recipient is paid.”
Marc Boiron, CEO of Polygon Labs
The move brings Polygon closer to a status long chased by crypto firms: that of a fully regulated payments company able to operate without leaning exclusively on external banking partners.
Open Money Stack: an end-to-end payment rail
Through Coinme and its existing licences, Polygon’s payment business now spans 48 US states. The group holds 37 money transmitter licences, benefits from exemptions in 11 additional states and is registered with FinCEN (Financial Crimes Enforcement Network) as a money services business, a core requirement for any US-based exchange or transfer activity.
Open Money Stack weaves together several layers:
- fiat on- and off-ramps (bank accounts, cards, and cash via Coinme ATMs),
- digital wallets,
- cross-chain routing (interoperability between blockchains),
- on-chain settlement in stablecoins.
The system enables businesses to accept dollars, convert them to stablecoins, move them across the blockchain and pay out beneficiaries in local currency. As Polygon puts it, dollars can enter via banks, cards or cash, move across the blockchain, sit in a wallet and be paid out wherever they are needed.
First clients already in production
Several companies have started using the infrastructure. Tazapay is leveraging Open Money Stack for cross-border B2B payments, particularly across Asia. Mesh is integrating the platform as an on-ramp into a network of more than 300 wallets, exchanges and financial services. Toku plans to use the stack to link stablecoins with compliant payroll and local-currency payouts in more than 100 countries. Kira is already using Open Money Stack to expand stablecoin options for clients accessing US bank accounts and payment rails.
Stablecoins: Polygon consolidates its top-10 standing
The acquisition gains another dimension when set against Polygon’s stablecoin volumes. According to the figures released, the chain has processed more than $3 trillion in cumulative stablecoin transfers since launch. The active stablecoin supply on Polygon stands at $3.37 billion at the time of the announcement.
Momentum remains strong: in June 2026, monthly volume hit a record $9.12 billion, ranking Polygon 8th among stablecoin ecosystems across all blockchains. The table below summarises the key indicators:
| Metric | Value | Period |
|---|---|---|
| Cumulative stablecoin transfers | > $3 trillion | All-time |
| Active stablecoin supply | $3.37 billion | October 2026 |
| Record monthly volume | $9.12 billion | June 2026 |
| Global stablecoin ranking | 8th ecosystem | June 2026 |
| US states covered (payments) | 48 states | Post-acquisition |
| Money transmitter licences | 37 + 11 exemptions | Post-acquisition |
These figures underline a gradual pivot: Polygon is no longer positioning itself purely as a home for decentralised apps but as a B2B payment layer backed by regulated rails.
A painful internal transformation
Alongside the acquisition, Polygon Labs announced another round of layoffs. Marc Boiron confirmed on X that the company is saying goodbye to many colleagues as it begins transforming from a blockchain foundation into a payments-focused blockchain company. The exact number of cuts has not been disclosed. Affected employees are receiving severance packages and outplacement support; management stressed that the cuts are not linked to individual performance.
“A blockchain foundation and a payments-focused blockchain company operate differently.”
Marc Boiron, CEO of Polygon Labs
This round extends a pattern that began several years earlier. Here is the timeline of the main workforce reductions:
- February 2023: roughly 20% headcount reduction.
- 2024: a further 19% cut.
- January 2026: 60 additional departures in preparation for the Coinme and Sequence deals.
More than 200 people have been affected over the three-year period. Despite the backdrop, Marc Boiron defended the company’s financial health:
“Our revenue remains high, stablecoin volumes continue to break records, our customer pipeline has exceeded all expectations, and we have launched on-chain payment solutions in record time.”
Marc Boiron, CEO of Polygon Labs
The stated goal is profitability by 2027. Polygon Labs is not an isolated case: the Ethereum Foundation cut 54 staff under its new governance model, while Coinbase and Crypto.com have also cited AI-driven efficiency and cost optimisation to justify their own layoffs. Boiron summed up Polygon’s strategy in an internal memo, saying he would rather make the right decision now than postpone it and keep a structure that jeopardises the company’s ability to execute effectively.
Conclusion: the race for financial licences is accelerating
Polygon Labs’ acquisition of Coinme captures a broader trend in crypto: the convergence of blockchain infrastructure with regulated financial services. By securing money transmitter licences across 48 states, Polygon moves closer to players such as Ripple and Circle, which have already built their models on regulatory compliance. The real battle now shifts to execution: signing institutional clients, handling KYC/AML (Know Your Customer / Anti-Money Laundering) compliance at scale and keeping stablecoin volumes on an upward trajectory.
Investors will be watching three signals over the coming quarters: confirmation of the 2027 profitability target, the evolution of monthly stablecoin volumes relative to the $9.12 billion June 2026 record, and the timeline for the full rollout of Open Money Stack to new clients, which remains in technical preview for selected partners. The merger of traditional fiat rails with on-chain settlement is now a stated strategic pillar of Polygon Labs.
Sources
- Cryptoast — Polygon Labs devient entreprise de paiements régulée aux États-Unis
- The Block — Polygon Labs completes Coinme acquisition
- Polygon Labs — Terms of use
- Fintech Futures — Polygon Labs buys Coinme and Sequence
- Wisevoter — Polygon Labs completes Coinme acquisition
- Bitcoin Foundation — Polygon cuts staff
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
