Blockchain firm Polygon Labs will buy crypto payments company Coinme and crypto infrastructure provider Sequence for more than USD 250 million, with the goal of tapping the growing demand for stablecoin-based transactions. Stablecoins, digital tokens pegged to stable assets such as the US dollar, are increasingly being explored as a tool for payments and settlements, especially after the passage of the “Genius Act” in 2025.
While the infrastructure for such transactions remains fragmented, Coinme and Sequence will play foundational roles in building Polygon Labs’ “Open Money Stack,” which aims to allow stablecoin-based payments to move seamlessly between traditional financial systems and on-chain rails. The stack will bundle blockchain settlement, wallet infrastructure and fiat access into a single, developer-friendly interface.
However, the broader shift from the crypto industry is clear: projects are increasingly positioning themselves as neobank-like platforms, offering payments, custody and compliance services that resemble traditional digital banks, while operating on blockchain rails. The sector wants to move beyond general-purpose blockchains toward revenue-generating financial services, while stablecoins gain traction as a settlement layer.
Sequence offers technology to simplify crypto transfers across blockchains. It has been backed by Brevan Howard Digital and Coinbase, among others. Coinme, founded in 2014, allows users to convert cash to crypto. Its investors include crypto industry heavyweights like Pantera, Digital Currency Group and Circle. The company, known as one of the first US bitcoin ATM kiosk providers, also brings regulated fiat on and off-ramps and infrastructure to the Polygon ecosystem.
“Our goal is to become a regulated US payments player. Payments is the killer use case. The initial push will target business-to-business payments, with a pivot to consumer services expected later,” Polygon CEO Marc Boiron told Reuters.
According to him, while established players like Visa and Mastercard are vying for dominance in stablecoin payments, the crowded market may make it harder for companies to differentiate themselves. Polygon’s strategy in the near term, however, will be built on partnerships instead of head-to-head rivalry.
“In five or 10 years, we will find out if cards are still going to be necessary. But for the time being, we can work together quite collaboratively and grow the pie,” CEO Marc Boiron concluded.