Polygon Labs has agreed to acquire US-based crypto payments company Coinme and wallet infrastructure provider Sequence in deals valued at more than $250 million, Fortune reported on Monday.
The acquisitions give the Ethereum scaling blockchain access to Coinme’s network of US money-transmitter licenses and fiat on- and off-ramps, alongside Sequence’s embedded wallets and cross-chain payments tools for banks, fintechs and enterprises.
According to an X post from Polygon, the two companies will help form the foundation of what it calls the “Polygon Open Money Stack,” combining blockchain rails, regulated money movement and wallet infrastructure into a single platform designed for onchain payments.
Speaking on Cointelegraph's Chain Reaction podcast, Polygon Labs CEO Marc Boiron outlined how the acquisitions broaden the network’s capabilities to support enterprises as they begin to experiment with blockchain applications. He said:
Ultimately, we become a regulated payments platform. And our goal here is to offer one fully, vertically integrated stack that can allow anyone to use stablecoins to move money anywhere.”
Polygon said the setup combines Coinme’s state-level licensing footprint spanning 48 states with wallet infrastructure and transactions across multiple blockchains. Coinme operates more than 50,000 retail cash-to-crypto kiosks and ATMs in the United States, according to the company’s website.
Polygon added that the inclusion of Sequence is intended to reduce user friction through embedded wallets and its Trails orchestration layer, which enables cross-chain transactions while abstracting tasks such as bridging, token swaps and gas management.
The move comes as competition intensifies around stablecoin payments infrastructure in the United States.
Boiron downplayed comparisons between Polygon and payments giants such as Stripe, saying he does not view Polygon as a direct competitor. “I don’t really view it that way,” he told Cointelegraph, adding that most enterprises are still in the early stages of exploring stablecoins and that Polygon’s focus is on working alongside established players as adoption evolves.
Polygon Labs did not disclose how much was paid for each acquisition or whether the transactions were completed using cash, equity or a combination of both, Fortune reported.
Related: Franklin Templeton adapts money market funds for US stablecoin rules
Payments companies race to support stablecoins
Since the passage of the GENIUS Act in July 2025, stablecoins have emerged as a central focus across crypto, fintech and traditional payments, as US companies position themselves to handle tokenized dollars at scale.
In September, Stripe unveiled plans for its payments-focused layer-1 blockchain, Tempo, developed in partnership with Paradigm. Less than two months later, Tempo secured $500 million in Series A funding at a $5 billion valuation.
PayPal, which became the first major global payments company to launch a stablecoin with PayPal USD in 2023, has continued expanding the token’s reach and functionality, extending PYUSD beyond Ethereum to Solana in May 2024.
In December, Fortune reported that YouTube has enabled creators to receive payouts in PayPal USD, a move that could significantly expand stablecoin usage given the platform’s global scale.
Global payment networks Visa and Mastercard have also begun positioning themselves around stablecoins.
In August, Circle announced partnerships with Mastercard to allow merchants across Eastern Europe, the Middle East and Africa to settle transactions in USD Coin and Euro Coin.
On Friday, Rain, a US-based stablecoin infrastructure provider and a principal member of the Visa network, said it raised $250 million in a Series C funding round led by ICONIQ to support global expansion.
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