Polygon Labs completed its acquisition of Coinme on October 14, 2026, adding a U.S. payments business to its Open Money Stack. The unit holds money transmitter licenses or exemptions covering 48 states.
The Brief
- Polygon Labs now owns a U.S. payments business with 37 state money transmitter licenses and 11 applicable exemptions.
- The unit is registered with FinCEN, the U.S. Treasury’s financial crimes bureau, as a money services business.
- Tazapay, Mesh, Toku and Kira are among the first companies using the platform for cross-border payments, account funding, payroll and dollar access.
- Polygon Chain has processed more than $3 trillion in cumulative stablecoin transfer volume, the company said.
- The unified Open Money Stack integration remains in technical preview for selected customers, while its individual components already operate.
Coinme brings state licenses into Open Money Stack
Polygon’s announcement places that license stack at the edges of the platform. Dollars enter through banks, cards or cash deposits, move onchain, then reach recipients as usable funds. Polygon calls the larger opportunity “connecting money in motion with money at rest.”
For enterprise clients, the change is mostly about paperwork. Covered services run under Polygon’s state footprint, so clients skip building their own state-by-state money transmission setup.
Polygon first announced plans to acquire Coinme in January, alongside wallet provider Sequence, in deals valued at about $250 million. Coinme was picked to handle regulated money movement, while Sequence supplied wallet and cross-chain payment technology.
BREAKING: Polygon Labs is now a U.S.-regulated payments business. The Coinme acquisition is complete. It brings regulated U.S. money movement into Polygon Open Money Stack. @Tazapay, @meshpay, @useToku, and Kira join as the first set of businesses moving money with the unified stack.
— Polygon (@0xPolygon) October 14, 2026
The integration came with a cost. Polygon Labs cut staff in July while preparing to close the deal. CEO Marc Boiron said then that the restructuring was meant to support profitability by 2027.
Boiron now frames the deal around the steps on either side of a stablecoin transfer. He said payment firms still need bank links and compliance, plus a way to “deliver funds in a form their customers can use.“
Four early customers span payroll, payouts, on-ramps and dollar accounts
Each launch customer uses a different part of the stack:
- Tazapay uses ramp and wallet infrastructure to shorten the route between stablecoins and local currency. It serves more than 1,000 enterprises and fintechs across more than 30 countries.
- Mesh is adding Open Money Stack on-ramps to its network of more than 300 wallets, exchanges and financial services.
- Toku runs payroll in more than 100 countries. Workers paid in stablecoins can now hold earnings in a wallet and convert them to local currency.
- Kira uses AI agents, with humans signing off on every decision, to open U.S. dollar accounts for fintechs, OTC desks and import brokers.
Kira says 9 of 10 payments are approved on first review, though the announcement gives no measurement period for that figure.
Mesh CEO Bam Azizi said access remains the choke point for stablecoin payments. His company’s network already powers Kraken deposits pulled from Coinbase accounts, and Polygon’s ramp adds one more funding path.
Tazapay’s entry carries a disclosure that shows how licensing still splits by jurisdiction. Its stablecoin services come only from Tazapay Canada Corp., registered with Canada’s Financial Transactions and Reports Analysis Centre. Its Singapore entity does not provide Digital Payment Token services under the Payment Services Act 2019.
Tazapay’s pending sale to Circle shadows the launch roster
Tazapay may not stay independent for long. Circle Internet Group, the USDC issuer, agreed in September to acquire Tazapay. Circle said Tazapay customers keep their current service while that deal is pending. Neither Polygon’s announcement nor the release sent to media mentions it.
Chain capacity looks like the easy part. Polygon’s cumulative stablecoin figure has climbed from more than $2.6 trillion in July, when PayPal USD went live natively through Open Money Stack. On October 8, Polygon added TRON support for USDT payments and payouts.
The Bottom Line
The licenses only partly solve the harder questions. Polygon has not said which states fall outside its coverage, or how Coinme’s existing customers are affected. Its blog post also calls Open Money Stack live, while the release says the single integration is still in technical preview.
Clients of the four platforms can ask their provider which flows now route through Polygon’s rails, and which licensed entity handles them.
The calendar now matters more than the license count. Polygon gives no date for the unified integration to leave preview, and Boiron’s profitability target sits in 2027. That is also the year Circle expects to close its Tazapay purchase, once the Monetary Authority of Singapore signs off.
