Polygon gains US payments licenses after closing Coinme deal

Polygon Labs has completed its acquisition of Coinme, giving its stablecoin payments platform a regulated path to move between dollars and digital assets across 48 US states. For PSPs and high-risk merchants, the useful part is not the corporate housekeeping — it is the licensing coverage that now sits behind Polygon’s US payments business.

1. Polygon said on Wednesday that its US payments business now has coverage with 37 money transmitter licenses and 11 exemptions. It is also registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.
2. The acquisition follows agreements announced in January to buy Coinme and wallet infrastructure provider Sequence for more than $250 million combined. Polygon also said it was consolidating some roles at Polygon Labs as part of the process.
3. At the time the deal was announced, Polygon CEO Marc Boiron said the company needed the team to transition into a “leading payments-focused blockchain company.” That matters because the pitch here is not just crypto infrastructure; it is payments infrastructure with licenses attached.
4. Coinme is a licensed crypto exchange and cash-to-cryptocurrency platform that lets users buy and sell digital assets through cash, debit cards and bank transfers. Polygon said Coinme had more than one million users and a retail network spanning 50,000 locations when the acquisition was first announced.
5. Rahul Shinghal, co-founder and CEO of cross-border payments company Tazapay, said Open Money Stack gives businesses “a more direct route between stablecoins and local currency.” Tazapay is one of the platform’s first customers.

For high-risk operators, the practical read is straightforward: Polygon is trying to turn stablecoin rails into a regulated on-ramp and off-ramp, with US state coverage rather than just a blockchain story. That is the difference between a product deck and something a payments team can actually route volume through.