Polygon completes Coinme acquisition, gaining money transmitter coverage in 48 US states

Polygon Labs has completed its acquisition of Coinme, a US company that lets users buy, sell and send crypto. In a blog post on Oct. 14 (US time), Polygon Labs said that with the deal closed, "Polygon Open Money Stack is now a U.S.-regulated payments platform." The acquisition was first announced in January, nine months earlier.

Polygon said its US payments business covers 48 states and is registered with the US Treasury's Financial Crimes Enforcement Network (FinCEN) as a money services business. The plan is to handle the whole payment in one place: dollars come in through banks, cards or cash, move onchain as stablecoins, and reach recipients as money they can use. Open Money Stack is the name of the payments service Polygon sells to businesses, bundling wallets, currency conversion, transfers and settlement.

From signing to closing, with layoffs along the way

Polygon Labs announced on Jan. 13 that it had signed definitive agreements to acquire Coinme and wallet infrastructure firm Sequence. According to Cointelegraph, the two deals together are worth more than $250 million. At the time, Polygon said Coinme could operate in 48 US states through money transmitter licenses and had a retail footprint of 50,000 locations, and that Coinme would become a wholly owned subsidiary of Polygon Labs, subject to regulatory approvals. Coinme's backers include Pantera, Digital Currency Group (DCG), Coinstar, Circle Ventures and MoneyGram.

Polygon said the deals would make it a "revenue-generating blockchain payments company." It said they set a clear path to more than $100 million in annual revenue from real payment flows, and that revenue would mean Polygon Labs would not have to depend on Polygon Foundation token grants to keep operating. In February, Trust Wallet used Coinme to let users deposit cash and receive crypto at more than 15,000 US retail locations.

The company has also restructured. According to Cointelegraph, Polygon Labs CEO Marc Boiron said in a July post on X that the company would say goodbye to many colleagues, noting that a blockchain foundation and a blockchain-enabled payments company "do not operate the same way." The number of job cuts was not disclosed.

First customers: cross-border payments and payroll firms

Polygon has been pointing to its payments track record. In a Sept. 29 blog post, it said more than $3 trillion in stablecoins had moved over Polygon Chain since September 2020. Transfer volume reached $933 billion in 2025, more than three times the $276 billion in 2024, and another $741 billion has moved so far this year. The company said Revolut, Paxos and Cash App are among those that have used the chain for payments.

In the latest announcement, Polygon named four early customers for Open Money Stack.

• Tazapay: provides cross-border payments to more than 1,000 enterprises and fintechs across more than 30 countries, using on- and off-ramp and wallet infrastructure between stablecoins and local currency
• Mesh: added Polygon's fiat-to-crypto on-ramps to its payments network linking more than 300 wallets and exchanges
• Toku: runs payroll in more than 100 countries and lets workers paid in stablecoins hold them in a wallet and convert to local currency
• Kira: offers businesses US bank accounts and stablecoins in one place, and is expanding the stablecoin options available to its clients

"Open Money Stack gives us a more direct route between stablecoins and local currency, which means fewer handoffs in the corridors where our customers need it most."

Rahul Shinghal, co-founder and CEO of Tazapay

POL at 125 won on Upbit, sliding with the market

POL, the Polygon network token, is listed on the Korean won markets of Korean exchanges Upbit and Bithumb. Around 12:30 p.m. KST on Oct. 15, it traded at 125 won on Upbit, 3.8% below the previous close of 130 won, and at 125 won on Bithumb. On Binance it was at $0.0922, down 9.5% over 24 hours. At the same time, bitcoin was down 3.5% and ether 6.3% on Binance.

The Korean price was about 1.2% above the Binance price converted into won (about 123.6 won), a gap known as the kimchi premium (the difference between prices on Korean exchanges and global markets). On Upbit, POL's 52-week high was 306 won on Oct. 21, 2025, and its low was 99.8 won on July 30 this year.