Polygon Labs has agreed to accumulate US-based crypto funds firm Coinme and pockets infrastructure supplier Sequence in offers valued at greater than $250 million, Fortune reported on Monday.
The acquisitions give the Ethereum scaling blockchain entry to Coinme’s community of US money-transmitter licenses and fiat on- and off-ramps, alongside Sequence’s embedded wallets and cross-chain funds instruments for banks, fintechs and enterprises.
Based on an X post from Polygon, the 2 firms will assist type the muse of what it calls the “Polygon Open Cash Stack,” combining blockchain rails, regulated cash motion and pockets infrastructure right into a single platform designed for onchain funds.
Talking on Cointelegraph’s Chain Reaction podcast, Polygon Labs CEO Marc Boiron outlined how the acquisitions broaden the community’s capabilities to help enterprises as they start to experiment with blockchain purposes. He stated:
In the end, we grow to be a regulated funds platform. And our purpose right here is to supply one totally, vertically built-in stack that may permit anybody to make use of stablecoins to maneuver cash anyplace.”
Polygon stated the setup combines Coinme’s state-level licensing footprint spanning 48 states with pockets infrastructure and transactions throughout a number of blockchains. Coinme operates greater than 50,000 retail cash-to-crypto kiosks and ATMs in the US, in accordance with the corporate’s web site.
Polygon added that the inclusion of Sequence is meant to scale back person friction by way of embedded wallets and its Trails orchestration layer, which permits cross-chain transactions whereas abstracting duties reminiscent of bridging, token swaps and fuel administration.
The transfer comes as competitors intensifies round stablecoin funds infrastructure in the US.
Boiron downplayed comparisons between Polygon and funds giants reminiscent of Stripe, saying he doesn’t view Polygon as a direct competitor. “I do not actually view it that approach,” he informed Cointelegraph, including that the majority enterprises are nonetheless within the early phases of exploring stablecoins and that Polygon’s focus is on working alongside established gamers as adoption evolves.
Polygon Labs didn’t disclose how a lot was paid for every acquisition or whether or not the transactions had been accomplished utilizing money, fairness or a mixture of each, Fortune reported.
Associated: Franklin Templeton adapts cash market funds for US stablecoin guidelines
Funds firms race to help stablecoins
For the reason that passage of the GENIUS Act in July 2025, stablecoins have emerged as a central focus throughout crypto, fintech and conventional funds, as US firms place themselves to deal with tokenized {dollars} at scale.
In September, Stripe unveiled plans for its payments-focused layer-1 blockchain, Tempo, developed in partnership with Paradigm. Lower than two months later, Tempo secured $500 million in Sequence A funding at a $5 billion valuation.
PayPal, which turned the primary main world funds firm to launch a stablecoin with PayPal USD in 2023, has continued increasing the token’s attain and performance, extending PYUSD beyond Ethereum to Solana in Might 2024.
In December, Fortune reported that YouTube has enabled creators to obtain payouts in PayPal USD, a transfer that would considerably develop stablecoin utilization given the platform’s world scale.
World fee networks Visa and Mastercard have additionally begun positioning themselves round stablecoins.
In August, Circle introduced partnerships with Mastercard to permit retailers throughout Japanese Europe, the Center East and Africa to settle transactions in USD Coin and Euro Coin.
On Friday, Rain, a US-based stablecoin infrastructure supplier and a principal member of the Visa community, stated it raised $250 million in a Sequence C funding spherical led by ICONIQ to help world enlargement.
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