RedotPay Completes Financial Audit and Says U.S. IPO Plans Are Still on Track

Hong Kong based stablecoin payments company RedotPay says it has completed a financial audit, a required step for a U.S. initial public offering. It also finished a separate review of its anti-money-laundering and counter terrorist financing controls. Both were carried out by Big Four firms, which the company did not name. A U.S. prospectus must include audited financial statements, while the compliance review is a separate part of its preparation. CEO and co-founder Michael Gao said the audits were meant to build trust in its reporting and compliance standards and are part of the path to going public.

IPO Delay Report Disputed

The announcement is the company’s clearest sign yet of its listing plans. In August, Bloomberg reported that RedotPay had put a roughly $1 billion U.S. IPO on hold while it sought regulatory approvals and dealt with legal issues, with a listing possible in 2027 or later. A company spokesperson rejected that, saying there has been no deferral and that work with partners continues. No listing date was given. A person familiar with the matter said RedotPay is targeting a valuation above $5 billion, with record transaction volume in the second quarter and an operating margin above 50%.

Business Model and Wider IPO Climate

RedotPay lets users hold stablecoins in an app, spend them through a linked Visa card and send money across borders. It reported 8.5 million users as of July. Its push comes as Kraken parent Payward, Consensys, Ledger and Grayscale have all delayed listings amid weaker market conditions.