RedotPay Weighs Confidential US IPO Filing as Pre-IPO Round Targets Up to $5 Billion

RedotPay, the Hong Kong stablecoin payments firm, is reportedly preparing to file confidentially for a US public listing before the year ends. The report landed two months after earlier coverage suggested the company had pushed back its listing because of regulatory and legal obstacles. According to Bloomberg, the firm is also talking with investors about a pre-IPO funding round that could place its value between $4 billion and $5 billion. The details came from people familiar with the matter.

RedotPay Users and Stablecoin Card Volume

The company says it serves more than 8 million users. Paymentscan data shows $410.5 million in stablecoin card transaction volume over the past 30 days, which gives a rough picture of how actively its cards are being used.

From February Listing Talks to the August Delay Report

Back in February, RedotPay was said to be exploring a New York listing that could raise over $1 billion at a valuation above $4 billion, with JPMorgan Chase, Goldman Sachs and Jefferies reportedly working on the deal. In August, Bloomberg reported that the plans had slowed because of regulatory hurdles and disputes involving Binance. RedotPay pushed back on that description, saying there had been no deferral and that it was still working with its partners on the IPO process.

Binance Lawsuit Against RedotPay Founders

In August, Binance-affiliated companies sued the founders of RedotPay and asked for nearly $473 million in damages. They allege confidential information was used to build a rival payments business and pull customers away. RedotPay denies the claims and has said it will vigorously defend itself against all of them.