Polygon Labs has entered into a definitive agreement to acquire two significant companies, Coinme and Seque…

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Polygon Labs has entered into a definitive agreement to acquire two significant companies, Coinme and Sequence, in a series of deals valued at more than $250 million. Coinme is a United States-based crypto payments firm known for its extensive physical presence, while Sequence is a prominent provider of wallet infrastructure. These acquisitions are designed to provide the Ethereum scaling blockchain with direct access to a regulated network of U.S. money-transmitter licenses and established fiat on- and off-ramps. By integrating these assets, Polygon Labs seeks to combine blockchain rails with regulated financial movement and advanced wallet tools into a single, unified platform.

Coinme currently operates a massive network of more than 50,000 retail cash-to-crypto kiosks and ATMs across the United States. Its regulatory footprint is equally significant, with state-level licensing spanning 48 states. This physical and legal infrastructure is paired with Sequence’s technical capabilities, which include embedded wallets and cross-chain payment tools designed for fintechs, banks, and enterprises. The integration of Sequence is specifically intended to reduce user friction through its orchestration layer, which abstracts complex blockchain tasks such as token swaps, bridging, and gas management. Polygon Labs CEO Marc Boiron has noted that these acquisitions are a major step in broadening the network’s capabilities to support enterprises as they begin exploring blockchain-based applications.

Context

The acquisitions form the foundation of what Polygon Labs refers to as the “Polygon Open Money Stack.” This initiative is designed to create a vertically integrated platform that combines regulated money movement with blockchain infrastructure. According to Polygon Labs CEO Marc Boiron, the ultimate objective is to become a regulated payments platform that allows any user or enterprise to utilize stablecoins to move money anywhere in the world. By offering a single stack, Polygon aims to remove the technical and regulatory barriers that have historically prevented large-scale enterprise adoption of decentralized finance tools.

During discussions about the company’s direction, Boiron explained that the focus is on supporting enterprises as they transition into the early stages of blockchain experimentation. He noted that while the network is expanding its capabilities, he does not view Polygon as a direct competitor to existing payments giants such as Stripe. Instead, Boiron suggested that the company’s role is to work alongside these established players as the industry evolves. The strategy involves providing the underlying infrastructure necessary for regulated payments, rather than attempting to replace the established payment networks currently in operation.

The “Polygon Open Money Stack” combines Coinme’s 48-state licensing footprint and its network of 50,000 retail kiosks with Sequence’s wallet infrastructure. This combination allows for a seamless flow between physical cash and digital assets, which is a key requirement for many businesses looking to enter the digital asset space. Polygon Labs has not disclosed the specific financial breakdown of the acquisitions, including the ratio of cash to equity used in the transactions. However, the move clearly signals a strategic shift toward providing a complete, compliant financial service layer on top of its existing scaling technology.

Impact

The strategic move by Polygon Labs occurs as competition for stablecoin payments infrastructure in the United States reaches a new peak. The regulatory environment changed significantly following the passage of the GENIUS Act in July 2025, which made stablecoins a central focus for the financial technology and crypto industries. This legislative shift has encouraged a race among major companies to handle tokenized dollars at scale. For example, Stripe recently unveiled its own payments-focused layer-1 blockchain, Tempo, in September. Tempo quickly gained traction, securing $500 million in Series A funding at a $5 billion valuation, signaling strong investor interest in dedicated payment blockchains.

Other global giants have also been expanding their stablecoin footprints. PayPal, which launched its PayPal USD (PYUSD) stablecoin in 2023, has continued to expand the token’s ecosystem. In May 2024, PayPal extended PYUSD beyond its initial Ethereum launch to include the Solana blockchain. Adoption has also reached major consumer platforms, with YouTube now enabling its creators to receive payouts in PayPal USD. This integration highlights the potential for stablecoins to serve as a primary payout mechanism for global digital platforms with massive scale.

Furthermore, traditional payment networks like Mastercard are increasingly collaborating with crypto-native firms. Circle, the issuer of USD Coin, announced partnerships with Mastercard to allow merchants in Eastern Europe, the Middle East, and Africa to settle transactions using USD Coin and Euro Coin. These partnerships reflect a broader trend where established financial institutions are seeking ways to integrate digital assets into their settlement processes. By acquiring Coinme and Sequence, Polygon Labs is positioning itself to compete in this environment by offering a regulated, integrated stack that bridges the gap between traditional fiat currency and blockchain-based stablecoins.

Outlook

Looking ahead, the success of Polygon’s strategy will likely depend on the seamless integration of its new acquisitions into a cohesive user experience. The combination of Coinme’s 50,000 physical kiosks and its 48-state licensing footprint provides a unique advantage in the U.S. market, offering a regulated gateway for cash-to-crypto transactions. As the industry continues to mature, the ability to provide a fully vertical, regulated payments stack could distinguish Polygon from other scaling solutions that lack direct fiat integration or comprehensive regulatory licenses.

The technical role of Sequence will also be critical in the coming months. By utilizing embedded wallets and orchestration tools, Polygon hopes to simplify the process of moving money across different blockchains. This includes abstracting tasks like gas management and token swaps, which have long been a source of friction for both individual users and institutional clients. If these tools can effectively hide the complexity of blockchain technology, it may accelerate the adoption of the “Polygon Open Money Stack” among fintechs and banks that require a user-friendly interface for their customers.

The broader market for stablecoin infrastructure is expected to remain highly competitive. With players like Stripe and PayPal already deeply embedded in the payments ecosystem, Polygon’s focus on enterprise support and regulated movement will be tested. As the GENIUS Act continues to shape the U.S. regulatory landscape, more companies are likely to seek out infrastructure providers that can offer both compliance and scalability. Polygon Labs’ acquisition of Coinme and Sequence represents a significant bet that the future of finance lies in a hybrid model that connects physical retail networks with the efficiency of on-chain stablecoin settlements.