昔日“NFT链”怒砸2.5亿美金，想抢Stripe、Circle的生意

比推Published on 2026-01-20Last updated on 2026-01-20

Abstract

Polygon Labs以2.5亿美元收购Coinme和Sequence，战略转型为“稳定币公链”，直接竞争Stripe和Circle。Coinme拥有美国48州货币传输牌照（MTL），提供合规法币兑换通道；Sequence则提供智能钱包基础设施，简化用户操作。通过整合两者，Polygon降低了开发者门槛，瞄准3000亿美元规模的稳定币支付市场。与Tether Plasma失败案例不同，Polygon避免依赖代币投机，而是通过工具包模式吸引真实场景应用。相比Circle Arc的封闭生态和Stripe Tempo的中立网络，Polygon突出开放生态和实体现金桥梁优势，尤其适用于跨境汇款和现金密集型场景。

来源:Fintech Blueprint

作者:Laurence Smith

原标题:DeFi: Polygon’s $250MM play for the Stablecoin Rails, competing with Stripe

编译及整理:BitpushNews

Polygon Labs已以超过2.5亿美元收购Coinme与Sequence。

Coinme成立于2014年,是支付领域的合规与物理桥梁。它运营着美国最大的持牌现金兑加密货币网络之一,覆盖超过5万个零售网点(包括Coinstar自助服务机),用户可在这些地点将现金兑换为数字资产。

更重要的是,Coinme在48个州持有货币传输牌照(MTL),可嵌入多样化的用户体验中。对比来看,Alpaca Markets近期以超过10亿美元估值融资1.5亿美元,其业务正是嵌入式加密资产与股票经纪服务。

在目前美国《Genius Act》监管环境下,牌照是获取收入的关键前提。MTL是接入美联储支付系统、避免非法银行活动法律风险的必要条件。通过收购Coinme,Polygon直接获得了市场准入资格,使其能够在不依赖第三方银行合作伙伴(这些伙伴可能随时终止与加密企业的合作)的情况下,直接处理法币与稳定币的转换。

Sequence则解决了第二重障碍:用户体验。

Polygon提供底层账本,而Sequence提供智能钱包基础设施。其技术通过账户抽象隐藏了区块链的复杂细节(燃料费、私钥、跨链桥接),最终用户甚至无需感知区块链的存在。其“Trails”协调引擎支持一键支付,用户无需了解背后技术。

战略定位:成为“稳定币公链”

Polygon的最终目标是转型为稳定币公链。最直接的对比是Stripe生态:Polygon对标Tempo(融资5亿美元),Sequence对标被Stripe收购的Privvy,Coinme则对标同样被Stripe收购的Bridge。

这一举措并不令人意外。过去一年,其他玩家如Rain(通过BaaS方案将稳定币支付与Visa整合)也取得了巨大成功。该公司近期完成2.5亿美元融资,支付量一年内增长38倍。

与Polygon不同,Rain不提供公链,而是为实体世界使用稳定币的支付卡提供底层技术支撑。Polygon的收购显示出其战略意图:捕获目前流向这些专业中间件提供者的价值。

市场效应:降低门槛,重塑叙事

通过捆绑Coinme的全美牌照与Sequence的智能钱包技术栈,Polygon降低了新一代开发者的进入门槛,也简化了自身定位——从曾经的“媒体与NFT公链”转变为“货币公链”。

这将产生双重市场效应:

1. 基于Polygon“开箱即用”的合规入口与用户体验工具,更容易诞生下一个“Rain”;

2. 大型金融科技公司可直接接入Polygon的“开放货币堆栈”,完全绕过第三方BaaS提供商。

潜在市场规模:3000亿美元。

前车之鉴:Tether Plasma(XPL)的失败

Tether 的 Plasma (XPL) 也曾试图成为首选的稳定币网络,但其代币经济模型设计缺陷导致过度挖矿与激进抛售。旨在保障网络安全的XPL代币价格暴跌80%,市场意识到该链的“零费用”效用并不需要持有波动性原生资产。到2026年初预计启动质押时,投机性底部早已崩溃,验证者激励荡然无存,网络长期存续能力存疑。

Polygon正面临类似矛盾。为避免重蹈覆辙,它必须确保其新的集成技术栈能够提供一个稳定的商业环境,使其与原生代币POL的价格表现脱钩。Polygon并没有采取以消费者为中心的激励措施,而是选择通过合作来吸引用户关注和活跃度。

加密支付领域还有另外两大集成模型争夺主导权:Stripe的Tempo与Circle的Arc。但截至目前,三者各有侧重:

Circle Arc 是一个封闭的生态系统。通过将USDC设为原生燃料代币,Arc使企业完全无需接触波动性加密货币。对银行而言,Arc由资产发行方构建,确保了最严格的合规闭环,它更像机构结算中心而非通用区块链。

Stripe 的 Tempo 更为中立——它并不关心你使用哪种稳定币;他们只想成为处理这些稳定币的网络。Tempo 的独特优势在于其庞大的金融科技分销网络,它作为一个互联网规模的 SWIFT 系统,可以接入现有的 Stripe 控制面板。它面向那些已经拥有业务,并且只想添加“使用稳定币支付”这一功能的开发者。

Polygon 是基础设施工具包。与侧重服务提供的Circle和Stripe不同,Polygon长期作为开放生态系统存在。收购Coinme与Sequence将其价值主张从“高速公链”转变为“持牌支付即工具箱”。

在三者中,Polygon 是唯一提供实体现金桥梁的方案。这使其在部分现实金融科技场景(如跨境汇款、现金主导型经济、薪酬发放应用)中成为更优选择——因为这些场景中的资金最初都是以纸质现金的形式,在覆盖全美48州的合规环境中开始流转的。

我们期待竞争更多转向真实场景落地,而非无尽的投机赌场。

Twitter:https://twitter.com/BitpushNewsCN

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原文链接:https://www.bitpush.news/articles/7604499

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