Polygon Labs Announces Strategic Acquisition of Coinme and Sequence to Expand Its Stablecoin Payment Infrastructure
Polygon Labs has unveiled significant acquisitions of US-based crypto payments firm Coinme and wallet infrastructure provider Sequence, in deals exceeding $250 million. These moves aim to bolster Polygon’s presence in the evolving stablecoin payments sector, integrating regulated money movement and cross-chain transaction capabilities into a unified platform.
Key Takeaways
- Polygon’s acquisitions provide access to Coinme’s extensive network of US money-transmitter licenses and over 50,000 retail cash-to-crypto kiosks and ATMs.
- The integration of Sequence enhances user experience through embedded wallets and cross-chain payment solutions, facilitating seamless transactions across multiple blockchains.
- These developments form the backbone of Polygon’s “Open Money Stack,” designed to unify blockchain rails with regulated fiat movement and wallet infrastructure.
- The moves come amid intensifying competition in the US stablecoin payment infrastructure landscape, with established players and new entrants vying for dominance.
Tickers mentioned: N/A
Sentiment: Optimistic about expanding blockchain-enabled payments infrastructure
Price impact: Neutral, as market reactions await further details on integration and adoption
Market context: As regulatory clarity around stablecoins improves in the US, industry players focus on building compliant, scalable on-ramps for digital dollar transactions
Polygon Labs’ recent acquisitions aim to integrate Coinmeโs widespread licensing footprint with Sequenceโs wallet and cross-chain technologyโan effort to create a comprehensive and regulated payments platform for digital assets. Coinme, which operates more than 50,000 retail kiosks and ATMs across the United States, offers a broad network for fiat-to-crypto conversions, making it a strategic asset for Polygonโs expansion into onchain payments.
Co-founder Marc Boiron indicated that these ventures are foundational to the company’s vision of a fully integrated stablecoin payment ecosystem. In an interview on Cointelegraph’s Chain Reaction podcast, he emphasized: “Ultimately, we become a regulated payments platform. Our goal is to provide a complete, vertically integrated stack that enables anyone to transfer stablecoins globally with ease.”
The combined capabilities are expected to streamline cross-chain transactions and reduce user friction through embedded wallets and orchestration layers, simplifying processes such as bridging, token swaps, and gas management. This positions Polygon to support enterprises experimenting with blockchain-based payments and stablecoins as the industry matures.
Polygonโs move comes amid a broader industry push, with traditional payment giants like Visa and Mastercard increasingly involved in stablecoin interoperability. Companies like Circle have forged partnerships with Mastercard to facilitate USD Coin and Euro Coin transactions across regions, while PayPal continues expanding its stablecoin ecosystem beyond Ethereum to other blockchains.
Meanwhile, Rain, a US-based stablecoin infrastructure provider and Visa principal member, recently raised $250 million in Series C funding led by ICONIQ, to support global expansion efforts. These developments underscore the shifting landscape, as traditional payment networks and crypto firms alike compete to establish scalable, compliant stablecoin payment solutions.
