Polygon Labs pushes deeper into stablecoin payments with $250 million deal

Crypto infrastructure builder Polygon Labs said it has signed definitive agreements to acquire crypto payments firm Coinme and wallet infrastructure provider Sequence for more than $250 million, as it looks to expand Polygon’s role in stablecoin-based payments and onchain money movement.

The move comes as crypto projects increasingly position themselves as neobank-like platforms, offering payments, custody and compliance services that resemble traditional digital banks, but operate on blockchain rails. The shift reflects a broader industry push to move beyond general-purpose blockchains toward revenue-generating financial services, particularly as stablecoins gain traction as a settlement layer.

The deals will anchor Polygon’s forthcoming Open Money Stack, a new framework intended to support stablecoin-based payments and streamline cross-border value transfers. Polygon executives have described the strategy as the culmination of a longer-term focus.

“It’s just a shift [focusing on payments] we started 12 months ago and have actually been building toward,” said Marc Boiron, the CEO of Polygon Labs, in an interview with CoinDesk.

Coinme, one of the first U.S. bitcoin ATM kiosk providers, brings regulated fiat on and off-ramps and infrastructure to the Polygon ecosystem. CoinDesk reported last week that Polygon was nearing a deal with Coinme for between $100 million and $125 million.

Sequence, the second firm being acquired, adds smart wallet technology and cross-chain infrastructure designed to simplify crypto payment flows across multiple blockchains without requiring users to manage bridging, swaps or gas fees. The acquisition reflects Polygon’s bet that abstracting away technical complexity is critical for enterprise and consumer adoption of onchain payments.

Polygon Labs said Coinme and Sequence will play foundational roles in building the Open Money Stack, which aims to allow stablecoin-based payments to move seamlessly between traditional financial systems and onchain rails. The stack is intended to bundle blockchain settlement, wallet infrastructure and fiat access into a single, developer-friendly interface.

The Open Money Stack, expected to launch sometime in 2026, is designed to work across multiple blockchains rather than being confined to a single network.

“We fully expect payments to settle on multiple chains. Payments are so big there will always be many chains,” Boiron told CoinDesk.

While Coinme and Sequence will retain distinct roles within Polygon’s ecosystem, the company plans to present them as part of a unified payments platform to customers. “From an operational and technology perspective, it will be one thing — that’s what the market will see on the outside of the Open Money Stack. When it comes to licensing, it’ll be its own entity,” Boiron added.

Read more: Polygon Labs unveils ‘Open Money Stack’ to power borderless stablecoin payments