Polygon Labs is reportedly looking to raise up to $100 million to expand its payments business, adding new capital to a strategy that has moved the company away from generic Layer-2 infrastructure and toward stablecoin payment rails for merchants and consumers. The planned raise would come on top of more than $250 million in deals tied to U.S. crypto payments firm Coinme and wallet infrastructure provider Sequence.
The report, first cited from The Information and referenced by ChainCatcher, points to a more formal push into regulated payments. CEO Marc Boiron told Reuters in January that Polygon wants to establish itself as a regulated payments entity in the United States, and described payments as the strongest use case for the business. That statement now lines up with where capital is being directed.
Payments are becoming the center of Polygon’s strategy
Polygon had previously raised about $450 million from investors including Sequoia Capital India, SoftBank and Tiger Global. In a recent podcast, Boiron said Polygon had already helped move roughly $2.3 trillion on-chain and concluded that stablecoin payments stood out from other blockchain verticals. His view was that generalized L1 and L2 networks are starting to look more alike, which makes payments a clearer area for focus.
Polygon’s own description of its Open Money Stack reflects that shift. The company presents it as a modular platform designed to make cross-chain and cross-currency transactions feel like one network for fintechs and enterprises. Coinme brings fiat on- and off-ramps, along with card and ATM distribution, while Sequence adds wallet infrastructure and developer APIs. Put together, the stack covers much more than settlement.
Existing transaction data backs the pivot
In a January briefing on the Coinme and Sequence transactions, Polygon said the three businesses had processed more than $1 billion in off-chain sales and over $2 trillion in on-chain value transfers. In an April ecosystem update, Polygon Labs said the network had surpassed $11.1 billion in lifetime non-USD stablecoin transfer volume and was handling more than 43% of all non-USD stablecoin transfers on public blockchains.
Separate analytics from Allium, cited by MEXC, showed Polygon processed 178.1 million USD-stablecoin transactions in a single month. Of those, 42.7 million took place in the final week of March alone. The figures point to a network already operating at payment frequency, not just one competing on lower fees or scaling claims.
Polygon is moving into a different competitive field
With dedicated funding now aimed at payments, Polygon is positioning itself against Solana-based payment protocols and bank-linked stablecoin rails, rather than competing only as another Ethereum scaling network. Boiron has argued that speed and low fees are no longer enough to define the category. In his view, the real edge will come from regulated distribution, enterprise integration and the ability to move real-world money at scale.
If Polygon closes a full $100 million round for this vertical, the contest over global dollar and local-currency stablecoin infrastructure will become sharper. The debate is shifting from speculative DeFi activity to ownership of the rails that handle on-chain payments.