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Polygon Labs intends to acquire Coinme and Sequence for a combined total of more than $250M as it builds regulated payments infrastructure around stablecoins and crosschain functionality.
What’s the Scoop?
- Strategic Focus: The deals power Polygon’s Open Money Stack toolkit, combining physical cash on-ramps, wallet infrastructure, and cross-chain orchestration to simplify stablecoin and digital asset transfers for businesses.
- Coinme Details: Founded in 2014 and registered as a money services business with FinCEN, Coinme operates in 48 U.S. states with 50K+ retail locations that process cash-to-crypto conversions via partners like Coinstar kiosks.
- Sequence Details: Sequence, formerly Horizon Blockchain Games, develops transaction coordination and smart wallet technology for interoperability across chains.
- Revenue Shift: CEO Marc Boiron described the move as building regulated middleware with one API for on-ramping, off-ramping, wallets, and multi-chain fund receipt, while generating revenue through transaction basis points to benefit POL stakers.
- Closing Timeline: The Sequence deal is expected to close this month; Coinme’s acquisition is slated for the second half of 2026, pending regulatory approvals.
Bankless Take:
The endless race to be the prime location for stablecoins continues. While Polygon’s DeFi TVL remains only a shadow of its former highs during the 2021 cycle, the chain’s stablecoin market cap has steadily grown — sitting currently at just under $3B. This puts Polygon in the top three L2s by stablecoin market cap, traction it obviously intends to capitalize on given the growth and bounty that is stablecoin expansion, as well as the sparse state of the rest of its ecosystem.
