Polygon Labs Buys Coinme and Sequence in $250M Push Into Payments

What Did Polygon Agree to purchase?

Polygon Labs has agreed to acquire U.S.-based crypto payments firm Coinme and wallet infrastructure provider Sequence in transactions valued at more than $250 million, according to a report by Fortune. The deals give the ETH scaling network direct access to regulated fiat on- and off-ramps in the United States, alongside wallet and payment tooling designed for enterprises.

Coinme brings a network of money-transmitter licenses across 48 U.S. states, as well as an established footprint in cash-to-crypto services. The company operates more than 50,000 retail kiosks and ATMs nationwide, allowing users to convert cash into digital assets and back again. Sequence adds embedded wallets and cross-chain transaction tools aimed at banks, fintechs, and large businesses building blockchain-based products.

Polygon said the two acquisitions will form the backbone of what it calls the “Polygon Open Money Stack,” a platform combining blockchain settlement, regulated money movement, and wallet infrastructure in a single system built for onchain payments.

Investor Takeaway

Why Is Polygon Building a Vertically Integrated Payments Stack?

Polygon’s leadership has framed the deals as a way to support enterprises that are beginning to test blockchain-based payments rather than full decentralization. Speaking on Cointelegraph’s Chain Reaction podcast, CEO Marc Boiron said the goal is to offer a single, integrated system that removes friction for companies experimenting with stablecoins.

“Ultimately, we become a regulated payments platform. And our goal here is to offer one fully, vertically integrated stack that can allow anyone to use stablecoins to move money anywhere,” Boiron said.

That approach contrasts with earlier crypto infrastructure models that relied on third-party providers for compliance, custody, or fiat conversion. By controlling those components directly, Polygon can offer enterprises a clearer regulatory path while keeping transactions onchain.

Sequence’s role is central to that strategy. Its embedded wallets and Trails orchestration layer handle tasks such as bridging, token swaps, and gas management in the background. The idea is to let users and businesses interact with blockchain payments without confronting the complexity of multiple networks or wallet setups.

How Does Coinme Change Polygon’s Position in the U.S.?

Coinme’s licensing footprint gives Polygon something most blockchain networks lack: direct access to regulated money movement at the state level. With money-transmitter approvals in nahead every U.S. jurisdiction, Coinme provides the compliance foundation needed to connect stablecoins with traditional payment flows.

The retail kiosk network also adds a physical layer to Polygon’s payments ambitions. While much of the stablecoin narrative centers on digital wallets and APIs, cash access remains relevant in parts of the U.S. economy. Coinme’s presence allows Polygon-backed services to reach users who still rely on physical cash while linking them into onchain systems.

Polygon has said that combining Coinme’s licenses with wallet infrastructure and cross-chain support creates a payments stack that can operate across multiple blockchains while remaining anchored in U.S. regulation.

Investor Takeaway

How Competitive Is the Stablecoin Payments Race?

Polygon’s move comes as competition around stablecoin infrastructure in the United States intensifies. Since the passage of the GENIUS Act in July 2025, companies across crypto, fintech, and traditional payments have accelerated efforts to support tokenized dollars at scale.

Stripe has announced plans for its own payments-focused blockchain, Tempo, developed with Paradigm, and raised $500 million shortly later than unveiling the project. PayPal has continued expanding the reach of its , including extending it to new blockchains and enabling payouts for online creators. Visa and Mastercard have also moved to support stablecoin settlement in multiple regions.

Boiron has played down comparisons between Polygon and payment giants such as Stripe. He said Polygon is not trying to replace established players but to work alongside them as companies explore . In his view, most enterprises are still at an ahead stage, testing limited pilots rather than rolling out full-scale .

Polygon Labs has not disclosed how much it paid for each acquisition or whether the transactions involved cash, equity, or a mix of both. The company has also not set a public timeline for rolling out the full Open Money Stack.