Polygon Labs said it has signed definitive agreements to acquire crypto payments company Coinme and wallet infrastructure provider Sequence for more than $250 million, expanding its push into stablecoin payments and onchain money movement. The two companies are set to become core pieces of Polygon’s planned Open Money Stack, a payments framework built around stablecoin settlement.
The strategy ties together several layers that are usually fragmented: blockchain settlement, wallet infrastructure and fiat access. Polygon said the stack is being built as a developer-friendly interface that can connect traditional financial systems with onchain rails, rather than limiting payment flows to a single network.
Coinme adds fiat rails, Sequence brings wallet and cross-chain tooling
Coinme, one of the earliest U.S. bitcoin ATM kiosk providers, gives Polygon regulated fiat on- and off-ramps along with payments infrastructure. CoinDesk reported last week that Polygon was nearing a deal for Coinme valued at $100 million to $125 million.
Sequence adds smart wallet technology and cross-chain infrastructure aimed at making crypto payments easier across multiple blockchains. Its tools are designed to remove much of the user-side burden tied to bridging, swaps and gas management. Polygon’s view is clear: if onchain payments are going to reach enterprises and consumers, the technical friction has to move into the background.
Open Money Stack is scheduled for 2026
Polygon said both acquisitions will serve as foundational components of the Open Money Stack, which is expected to launch in 2026. The product is being designed to operate across multiple chains. Marc Boiron, CEO of Polygon Labs, told CoinDesk that the company’s move toward payments was not sudden; the shift began 12 months ago and has been in development since then.
Boiron also said Polygon expects payments to settle across many blockchains, not one. In Polygon’s structure, Coinme and Sequence will keep distinct roles inside the ecosystem, but customers will see them packaged as one payments platform. On the outside, the Open Money Stack will appear as a unified system, while licensing will remain under its own entity.
Crypto firms are chasing revenue through payment services
The acquisitions also reflect a broader shift in the industry. More crypto companies are trying to look and operate like neobank-style platforms, combining payments, custody and compliance services while running on blockchain infrastructure. As stablecoins gain traction as a settlement layer, the market focus is moving away from general-purpose blockchain positioning and toward financial services that can generate direct revenue.