Polygon Acquires Coinme to Expand Stablecoin Payments Business Beyond Blockchain Infrastructure
Polygon Labs is expanding into payment processing through its acquisition of Coinme, a U.S.-regulated cryptocurrency payments provider, as the blockchain developer seeks to build a new revenue stream beyond its core infrastructure business. CEO Marc Boiron told CoinDesk that Polygon expects its regulated payments operation to become profitable in 2027.
The company announced Wednesday that it had completed the acquisition, giving Polygon the ability to manage conversions between cryptocurrencies, stablecoins and traditional money through its own operations. The move positions the Cayman Islands-based company to take a larger role in payment transactions rather than relying entirely on external providers.
Polygon Shifts Toward Payments Processing
The acquisition follows Polygon's January introduction of the Open Money Stack, a framework designed to support stablecoin-based payments and simplify cross-border transfers. With Coinme, Polygon can potentially earn fees from converting and transferring money in addition to providing the blockchain technology used to move it.
Boiron said the company's strategic focus has moved away from competing primarily with other blockchain networks. "It's very much that we're a payments-focused company that just uses blockchains to move money, and in particular, Polygon," he told CoinDesk.
The shift addresses a structural limitation for blockchain networks: although they provide transaction infrastructure, they often have limited control over the businesses that bring customers and payment activity to their networks. When funds enter or leave a blockchain, customers may be directed to third-party providers that manage the conversion process.
Boiron said Polygon previously lacked direct control over those customer relationships. He also claimed that rival blockchain networks had offered financial incentives to payment companies to shift transaction flows away from Polygon.
By operating a regulated payments business itself, Polygon aims to retain greater control over customers and transaction routes. Boiron said the company would be in a stronger position to determine where payment flows are handled once it owns those customer relationships.
Polygon Faces Established Payments Giants
Despite the expansion, Polygon remains far smaller than established payment processors. Visa reported payment volume exceeding $12.3 trillion in fiscal 2025, while Stripe processed $1.9 trillion, according to the figures cited in the report.
Those volumes illustrate the scale of the industry Polygon is entering. The Coinme acquisition gives Polygon additional capabilities, but the company is still at an early stage in building its payments business and has not yet established comparable transaction scale.
Payments Fees Could Add a New Revenue Stream
Polygon Labs generates revenue through its payment services, which are distinct from transaction fees collected on the Polygon blockchain. Priority fees from blockchain transactions are distributed to validators and stakers rather than serving as the same revenue stream as the company's regulated payment operations.
Boiron said blockchain transaction fees already offset Polygon's token emissions. He also estimated that millions of dollars in additional fees go to validators and token stakers, underscoring the distinction between network economics and the revenue Polygon aims to capture through payments processing.
Polygon's expectation that its regulated payments business will become profitable in 2027 represents a forward-looking target. The acquisition expands the company's ability to manage payment conversions and transfers, but its eventual financial performance will depend on the development of that business.
source: coindesk
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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