Polygon Seals $250M Coinme & Sequence Deal; POL Surges 15%

Polygon Labs has finalized the acquisition of Bitcoin ATM operator Coinme and wallet infrastructure provider Sequence in a combined deal valued at approximately $250 million. The move, confirmed in a filing on Tuesday, formally launches the protocol’s "Open Money Stack" strategy, a vertical integration play designed to bridge decentralized stablecoins with physical fiat rails.

Markets reacted immediately. The Polygon Ecosystem Token (POL) decoupled from the broader sector, surging 15% to trade near $0.15. Trading volume spiked 137% to $228 million as traders priced in the network’s shift from pure infrastructure to consumer-facing payments.

The "Open Money Stack" Thesis

The acquisition breaks a long-standing pattern of Layer-2s focusing solely on on-chain throughput. By absorbing Coinme, Polygon gains direct access to over 50,000 physical ATMs across 49 states, effectively buying a regulatory moat that would take years to build organically. Sequence adds the necessary non-custodial wallet architecture to smooth the user experience.

Marc Boiron, CEO of Polygon Labs, framed the acquisition as a solution to liquidity fragmentation:

"Stablecoins are increasingly being used as a settlement layer for global payments, but the infrastructure around them remains fragmented. These acquisitions give us regulated access to U.S. payment rails… to build an open payments business on top of on-chain settlement."

Distress or Destiny?

The Coinme deal, valued between $100 million and $125 million, is not without baggage. The ATM operator recently faced scrutiny from the Washington State Department of Financial Institutions (DFI), which issued a cease-and-desist order last November regarding the handling of unredeemed customer funds. Coinme was ordered to refund nearly $8.4 million.

For Polygon, this represents a calculated risk: acquiring a distressed asset with a massive physical footprint to fast-track its Open Money Stack vision. The integration allows users to convert physical cash into stablecoins on Polygon without touching a centralized exchange, a critical vector for the unbanked market.

Sequence, the second half of the $250 million tranche, provides the "intents engine" needed to abstract away gas fees and bridging complexities. The combined entity positions Polygon not just as a scaling solution, but as a full-stack neo-bank operating on Ethereum rails.