Polygon completes Coinme acquisition to enter payments market

Polygon Labs has completed its acquisition of Coinme, the U.S.-regulated crypto payments provider, and CEO Marc Boiron says the deal marks Polygon's entry into the payments industry dominated by Visa and Stripe. With Coinme's money-transmission licenses covering 48 U.S. states, Polygon can now handle conversions between crypto, stablecoins and fiat itself — keeping the customer relationships and collecting the payment and conversion fees that previously went to intermediaries.

• The deal closes Polygon's Open Money Stack push into stablecoin-based payments, first announced in January alongside plans to acquire wallet firm Sequence.
• Boiron expects the regulated payments business to become profitable in 2027, earning fees based on money transferred rather than fractions-of-a-cent onchain transaction fees.
• Incumbents remain far ahead — Visa processed $12.3 trillion in fiscal 2025 and Stripe $1.9 trillion — while Stripe, Visa and Swift also expand blockchain-based payment rails, and Polygon's unified payments platform is still in technical preview with early users like Tazapay and Mesh.