Key Takeaways
- Polygon Labs has acquired Coinme and Sequence to enhance its capabilities in regulated stablecoin payments.
- Coinme provides an extensive fiat on- and off-ramp network across 48 states, with over a million users and a presence in 50,000 retail locations.
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Polygon Labs, the development company behind the Ethereum layer 2 scaling network, announced today it has entered into agreements to acquire Coinme and Sequence for $250 million.
Under the agreements, Coinme and Sequence will be integrated into Polygon Labs’ payments strategy, forming the foundation of an open, regulated stablecoin payments system dubbed the “Open Money Stack.”
The Open Money Stack is designed to make stablecoins function as real-world money at scale by combining regulated financial access with blockchain-based settlement. It aims to address the fragmentation that has limited stablecoins to niche use cases, allowing them to integrate cleanly with existing financial systems while operating onchain.
At the infrastructure level, the stack brings together Coinme’s regulated US fiat on- and off-ramps, Sequence’s enterprise wallet and cross-chain orchestration technology, and Polygon’s high-throughput blockchain rails.
The combination enables compliant conversion between fiat and stablecoins, seamless cross-chain payments, and fast, predictable settlement without exposing users or businesses to blockchain complexity.
In practice, the Open Money Stack allows banks, fintechs, merchants, and enterprises to move money instantly across borders, settle payments in seconds, and deploy capital directly onchain.
By making stablecoin payments reliable, compliant, and easy to integrate, Polygon Labs positions the stack as the foundation for next-generation global payments. The company expects the acquisitions to unlock a revenue opportunity exceeding $100 million annually.
The transaction is expected to close in the coming weeks. Coinme will operate as a wholly owned subsidiary of Polygon Labs, subject to regulatory approvals.
Polygon’s POL token rose 6% to $0.16 following the announcement, per CoinGecko.
