RedotPay has completed a financial audit required for a potential U.S. initial public offering as the Hong Kong stablecoin payments company continues preparations to take the business public.
Summary
- RedotPay completed a financial audit required for a US IPO and a separate review of its AML and CFT controls.
- The company said its IPO has not been deferred, but did not provide a timetable for the planned listing.
- RedotPay is reportedly seeking a valuation above $5 billion after its user base reached 8.5 million by July.
According to RedotPay, the financial audit was conducted by a Big Four firm, while a separate Big Four review examined its anti money laundering and counter terrorist financing controls. The company did not identify either firm.
A U.S. IPO prospectus must contain audited financial statements, making the completed financial review one of the steps RedotPay needs to take before a potential listing. The AML and CFT assessment was conducted separately as the company works on its compliance framework.
“We undertook these audits to build confidence and trust in our financial reporting and compliance standards,” RedotPay CEO and co founder Michael Gao said. “They also form part of our preparation for taking the company public.”
RedotPay has not provided a date for the proposed offering.
RedotPay IPO preparations are moving ahead
RedotPay’s comments provide a clearer indication that its U.S. IPO process remains active after reports in August raised questions over the timing of the listing.
The company was considering a U.S. IPO that could raise more than $1 billion and value the business at over $4 billion when its plans first emerged in February, as previously reported by crypto.news. JPMorgan Chase, Goldman Sachs and Jefferies were involved in preparations for a possible New York listing at the time.
RedotPay had already raised $194 million during 2025 through several financing rounds. The funding included a $107 million Series B round backed by Goodwater Capital, Pantera Capital and Blockchain Capital, after an earlier $40 million Series A round involving Lightspeed, Galaxy and HSG.
By August, however, Bloomberg reported that RedotPay had pushed back its IPO while working through regulatory approvals and legal disputes.
RedotPay disputed that characterization on Monday.
“There has been no deferral of our IPO,” a company spokesperson said. “We are continuing to work with our partners on the IPO process.”
No revised listing timetable was provided.
A person familiar with the matter said RedotPay is now seeking a valuation of more than $5 billion. The company’s transaction volume reached a record during the second quarter, while its operating margin exceeded 50%, according to the person, who did not provide the underlying financial figures.
RedotPay previously said its second quarter results reached records for users, revenue, profit and margins, though it did not disclose figures for each measure.
Compliance review covers RedotPay’s Hong Kong operations
The company’s separate AML and CFT review covered its licensed Hong Kong subsidiaries and examined governance, customer due diligence, transaction monitoring, quality assurance, staff training and compliance resources.
RedotPay said earlier in September that the review assessed its controls against relevant Hong Kong guidelines and found that its processes were capable of identifying, assessing and managing financial crime risks.
The company has been building its U.S. regulatory footprint at the same time. RedotPay secured its first U.S. money transmitter license in August and said it was preparing to launch its products in the country.
Founded in April 2023, RedotPay provides stablecoin based wallets, payment cards and global payout services. Users can hold digital assets through its app, spend through linked Visa cards and transfer money across borders.
Its customer base had reached 8.5 million by July, up from more than 6 million in February. RedotPay operates across more than 100 countries and has previously said it processes roughly $14 billion in annualized payment volume.
Usage of stablecoin cards has grown alongside the business. RedotPay said in August that stablecoin card spending had passed $10.9 billion cumulatively, citing Paymentscan data, while July spending exceeded $1 billion for the first time.
The company projected annual stablecoin card spending could reach $50 billion by 2028, citing adoption in developing markets, regulatory developments and the use of digital dollars for payments, remittances and foreign exchange services.
Binance dispute remains active during IPO preparations
RedotPay’s listing work is proceeding while its founders face a legal dispute with Binance linked companies.
Binance affiliates have sought nearly $473 million in damages in Hong Kong, alleging that RedotPay’s founders used confidential information obtained during previous employment with Binance to build the payments company and divert customers.
The plaintiffs have claimed that confidential information helped RedotPay develop its business and attract hundreds of thousands of users who had previously used Binance.
RedotPay has rejected the allegations and said it would “vigorously defend all claims.”
A related dispute has been underway in Singapore, where the companies have disagreed over the status of separate proceedings. RedotPay said in August that it expected Binance to discontinue the Singapore case following an Aug. 7 hearing, while Binance said it had not withdrawn its claims.
The commercial relationship between the companies dates to 2023, when RedotPay added support for Binance Pay deposits on its payment cards. Binance later discontinued payment functionality for RedotPay on April 3, 2026, following what it described as a review of merchant partners.
Crypto IPO pipeline faces a slower market
RedotPay is continuing its preparations while several other digital asset companies have moved prospective U.S. listings into later periods.
Kraken parent Payward postponed its planned IPO until at least the second quarter of 2027 after market conditions disrupted its earlier timetable. Payward had confidentially submitted a draft S 1 registration statement in November 2025 after raising $800 million at a $20 billion valuation.
Hardware wallet maker Ledger paused its U.S. IPO preparations in May after hiring Goldman Sachs, Jefferies and Barclays to advise on a listing that could have valued the company at roughly $4 billion. Consensys and Grayscale have postponed prospective listings as well.
RedotPay has maintained that its own IPO process remains underway. The company has not said when it expects to file for the offering or when its shares could begin trading in the United States.
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