Polygon has laid off approximately 30% of its workforce, as confirmed by CEO Marc Boiron, despite not issuing a formal announcement. The layoffs coincide with Polygon's $250 million acquisition of Coinme and Sequence, suggesting a strategic restructuring. Coinme, known for its extensive network of cryptocurrency ATMs in the U.S., and Sequence, which offers wallet infrastructure and cross-chain routing, are expected to enhance Polygon's capabilities in stablecoin payments. The acquisitions are part of Polygon's strategy to create an 'Open Money Stack' for stablecoin payments, targeting banks and payment companies. This move comes as Polygon faces stiff competition in the Layer 2 market, particularly from Coinbase's Base, which has captured a significant market share. By focusing on stablecoin payments, Polygon aims to pivot from direct competition in the L2 space to offering open infrastructure for financial services.