Polygon Eyes $100 Million Equity Raise for New Stablecoin Payment Venture

Blockchain developer Polygon Labs is looking to raise between $50 million and $100 million to build a new stablecoin payment business, The Information reported Wednesday (April 8), citing unnamed sources.

The company is looking to diversify its business amid the current downturn in cryptocurrency, which has seen its polygon crypto tokens lose 90% of the value they had two years ago, according to the report.

Like some other companies, Polygon sees opportunities in stablecoin payments after the passage of stablecoin legislation in July 2025, per the report.

Reached by PYMNTS, Polygon declined to comment on the report.

Sources close to the situation told PYMNTS that Polygon is in the early stages of an equity raise that targets $50 million to $100 million, that the raise will support the buildout of the company’s Open Money Stack stablecoin-powered payments platform, and that the company aims to have its infrastructure complement, not compete with, the stablecoin and programmable payment projects of companies such as Stripe and Mastercard.

According to the report from The Information, Polygon’s blockchain provides the infrastructure for prediction market Polymarket, which now makes up nearly half the trading volume on Polygon.

Polygon said in a March 31 post on X that it enabled 178.1 million U.S. dollar-based stablecoin transactions in March.

“Polygon is where money moves onchain,” the company said in the post.

When announcing in a March 26 blog post that Revolut has processed over $1.2 billion in cumulative stablecoin volume on Polygon, Polygon said this volume is “a signal about where Polygon is headed.”

“The Open Money Stack, which brings together wallets, regulated on- and off-ramps, cross-chain payment orchestration, and the popular, go-to Polygon Chain for settlement, is designed exactly for institutions at Revolut’s scale: global distribution, compliance requirements, and payment flows too large to run on fragmented infrastructure.”

PYMNTS reported in January that Polygon was acquiring cryptocurrency exchange Coinme and crypto wallet infrastructure provider Sequence for more than $250 million to boost its stablecoin payments business.

“These acquisitions give us regulated access to U.S. payment rails, wallet infrastructure and cross-chain intents capabilities to build an open payments business on top of on-chain settlement,” Polygon Labs CEO Marc Boiron said at the time in a press release.