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The company Polygon Labs has completed its acquisition of Coinme and brought four payment companies onto its Open Money Stack platform, combining U.S.-regulated money transfer services with stablecoin payments, digital wallets, and settlement in local currencies.
The acquisition gives Polygon access to a U.S. payments business holding money transmission licenses in 37 states and 11 corresponding exemptions, providing coverage of 48 states.
The company is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.
Polygon Labs named Tazapay, Mesh, Toku, and Kira among the first clients to implement the Open Money Stack for cross-border business payments, account funding, global payroll, and access to U.S. dollar banking services.
The platform combines fiat on-ramp and off-ramp channels, wallets, cross-chain payment routing, and settlement infrastructure in a single integration. Companies can receive funds from bank accounts or digital wallets, manage balances, transfer stablecoins, and make payments in local currencies.
Polygon said the infrastructure supports settlement across dozens of blockchains, with Polygon serving as one of its payment networks. According to the company, more than $3 trillion in stablecoin transfers has been processed on the network to date.
The Coinme acquisition makes it possible to incorporate U.S. licenses into the Polygon Open Money stack.
The Coinme integration gives Polygon's payments business an existing regulatory framework in the United States, without requiring corporate clients to set up their own money transmission entities in each state for the services covered by the platform.
The acquisition was the result of several months of work to combine Coinme's regulated payment services with Polygon's blockchain infrastructure.
In July, Polygon Labs cut staff as part of preparations to close the Coinme deal.
At the time, CEO Marc Boiron said the restructuring was intended to ensure profitability by 2027. He expected the integration of Coinme staff to increase the company's total headcount despite the job cuts.
In January, Polygon announced plans to acquire Coinme and wallet infrastructure provider Sequence in deals worth approximately $250 million in total.
The two companies were chosen to provide different components of the Open Money Stack: Coinme handles regulated money operations, while Sequence supplies technology for digital wallets and cross-network payments.
In April, it was reported that Polygon Labs was seeking up to $100 million to support the development of its payments business following the acquisitions.
In his latest statement, Boiron noted that stablecoin-based payment providers still face difficulties connecting blockchain transfers to bank accounts and local payment systems.
"Payment companies want to use stablecoins to improve cash flow, but they still need to tie these payments to bank accounts, comply with regulatory requirements, and provide funds in a form that is convenient for their customers," he said.
The CEO said the deal's completion made it possible to integrate regulated U.S. money flows into the Open Money Stack, giving Polygon the ability to support more stages of a transaction — from the initial deposit to the payout to the recipient.
Tazapay and Mesh use Polygon's payment infrastructure
Tazapay uses the Open Money Stack wallet and fiat currency conversion infrastructure to carry out payments between stablecoins and local currencies.
The company provides cross-border payment services to more than 1000 businesses and fintech companies in more than 30 countries.
Its clients include marketplaces, enterprises, and financial technology companies that accept payments from international customers and pay supplier invoices across various markets.
Thanks to the integration with Polygon, Tazapay can offer clients the ability to receive, hold, and withdraw funds in stablecoins using existing bank accounts and the SWIFT payment system.
Tazapay co-founder and CEO Rahul Shinghal said that businesses primarily want to know how long an international payment will take and how much it will cost.
He said the Open Money Stack provides a more direct link between stablecoins and local currencies, reducing the number of intermediaries involved in certain payment corridors.
Meanwhile, Mesh is integrating Polygon's fiat payment on-ramp services into its existing crypto payments network.
The company connects more than 300 wallets, exchanges, and financial services, allowing users to fund accounts where they already hold digital assets.
Its clients include fintech companies, payment platforms, and crypto businesses seeking to enable transfers between traditional currencies and cryptocurrencies.
Polygon's payment on-ramp infrastructure gives users another way to fund accounts through the Mesh network, without requiring payment systems to maintain separate connections to each supported service.
Mesh CEO and co-founder Bam Azizi called access to funds a persistent obstacle for stablecoin payments.
"The main obstacle to payments using stablecoins is access," said Azizi, explaining that connecting existing accounts and providing more account funding options are key elements of the Mesh payment network.
Toku and Kira offer payroll services and banking operations using stablecoins
Toku is integrating Polygon's digital wallet and payment services into its global payroll infrastructure, which operates in more than 100 countries.
The company provides payroll and HR record-keeping services, handling employment contracts, tax withholding, employee benefits, and filings with local regulators.
For companies holding stablecoins in their treasuries, the Toku integration allows employees to receive earnings into digital wallets and convert them into local currencies within the same payroll process.
In January, Toku launched stablecoin payroll services, and the partnership with Polygon adds wallet management and local payout capabilities to that offering.
CEO Ken O'Friel said that international employment regulations remain a separate issue, unrelated to cross-border stablecoin transfers.
According to O'Friel, Toku takes on all matters related to employment, tax withholding, and local filings, and also gives workers the ability to convert earned stablecoins into their national currency.
Kira is implementing the Open Money Stack to expand the ways businesses using its U.S. banking services can employ stablecoins.
The company serves fintech firms, over-the-counter marketplaces, and import brokers that need access to dollar accounts and international payment channels.
Its platform allows clients to open U.S. dollar accounts at several American banks and transfer funds via ACH, Fedwire, and FedNow. International payments to suppliers are supported via SWIFT, and conversion between U.S. dollars and stablecoins is also available.
Kira said accounts can be opened within 72 hours after receiving the necessary documents from the client. The announcement also stated that more than 90% of payments are approved at the first verification stage, although the measurement period for this figure was not specified.
CEO and co-founder Edricio De La Cruz said that after stablecoin transfers are completed, businesses still have to deal with banking and regulatory requirements.
Kira's integration with Polygon is intended to link stablecoin payments with the funding of clients' dollar accounts at U.S. banks.
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