Polygon closes Coinme deal, gains US money-transmitter coverage

Polygon Labs has closed its purchase of Coinme, giving its US stablecoin payments business a licensed path between dollars and digital assets. Cointelegraph reported the completion on 15 October 2026, citing Polygon’s announcement that coverage now spans 48 US states.

What the deal delivers

Polygon said its US payments arm now holds:

• 37 money transmitter licenses (MTLs)
• 11 state exemptions
• Registration with FinCEN as a money services business

Coinme is a licensed crypto exchange and cash-to-crypto platform that lets users buy and sell digital assets via cash, debit cards and bank transfers. When the acquisition was first announced, Coinme claimed more than one million users and a retail network of about 50,000 locations.

Strategic context

In January Polygon agreed to buy Coinme and wallet infrastructure provider Sequence for more than $250 million combined, while consolidating some roles at Polygon Labs. CEO Marc Boiron said at the time that the company needed the teams to become a “leading payments-focused blockchain company.”

Cross-border payments firm Tazapay, named as an early Open Money Stack customer, said the stack gives businesses “a more direct route between stablecoins and local currency,” according to co-founder Rahul Shinghal.

Why licences matter

Stablecoin payment products that touch US dollars typically need state money-transmitter coverage and federal AML registration. Buying a licensed operator is often faster than applying state-by-state — and is a common path for crypto firms expanding into fiat on- and off-ramps.