Key Takeaways:
- Polygon acquired Coinme, which expands its payments business to include coverage in the 48 U.S. states.
- Now it has 37 money transmitter licenses, 11 state exemptions and is FinCEN registered.
- First companies making payments, payroll and dollar access on Polygon Open Money Stack include Tazapay, Mesh, Toku & Kira.
Polygon Labs has completed its acquisition of Coinme, turning Polygon Open Money Stack into a regulated U.S. payments platform with direct links between fiat and onchain money movement.
The partnership provides Polygon with added protection and wallets, on-ramps, and cross-chain routing and settlement capabilities to shield its stablecoin payments.
Coinme Gives Polygon Coverage Across 48 US States
Coinme is Polygon’s U.S. payments service now available in 48 states, with 37 state money transmitter licenses and 11 exemptions that apply. The business is also registered as a money services business with FinCEN.
This regulatory component is being incorporated into the Polygon Open Money Stack (OMS).
It will aim to link bank accounts, cards and cash to onchain transfers, wallets and finally payouts. Businesses don’t need to stitch small transactions together from various providers; instead, they can send money into crypto rails with one stack, send money across networks, and then take it back down and make it usable as money in the real world.
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Stablecoins Connect More Directly to Local Currency
Tazapay is amongst the early adopters of the OMS. It supports over 1,000 businesses and fintechs in more than 30 countries and has implemented Polygon’s on/off ramp solutions to reduce the time to market of stablecoins and local currencies.
The aim is to shorten the path for cross-border payments, without eliminating pre-existing local payment systems and SWIFT.
Mesh, Toku and Kira Expand Polygon’s Payments Footprint
Polygon OMS on-ramps will be added to the network cleared of over 300 wallets, exchanges and financial services. This integration provides alternative pathways between digital and fiat currencies without forcing companies to create numerous unique integrations.
Toku’s global payroll solutions are powered by Polygon wallets and payout systems. It handles local payroll, tax withholding and hiring compliance in over 100 countries, while also facilitating payments to employees who receive stablecoins and then use them to buy local currency.
Kira is also working to include Polygon OMS to increase the numbers of fintechs and institutional access to stablecoins. It has a platform that allows conversion to USD, ACH, Fedwire, FedNow, SWIFT and stablecoin. Kira 10 says the sign up takes only 72 hours and 9/10 payments are instant approval.
Polygon Pushes Deeper Into Stablecoin Payments
Coinme’s deal will take Polygon off the infrastructure-only business. Enabling regulated fiat entry into the application alongside on-chain settlement, wallets, and payouts, Polygon is developing one of crypto’s surging use-cases: transporting stablecoins from traditional financial systems to crypto networks.
Polygon OMS is in production now with its first customer demonstrating its ability to enable cross-border payments, account funding, payroll enrollment and access to the U.S. dollar.
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