Stablecoin firm RedotPay postpones billion-dollar US listing plans

RedotPay will not make its US market debut until at least next year, as the Hong Kong-based fintech firm works through regulatory hurdles and a legal dispute involving Binance affiliates, Bloomberg reported Friday.

RedotPay had been targeting a US IPO as soon as this year that could raise more than $1 billion and value it at over $4 billion, but the plans are now put on hold, according to a separate Bloomberg report. The stablecoin payments firm must secure regulatory approvals in the jurisdictions where it operates before it can proceed with the offering.

The IPO delay comes shortly after Binance affiliates sued RedotPay’s founders, alleging that they diverted hundreds of thousands of customers to a competing product. The plaintiffs are seeking nearly $500 million in losses.

Despite the hurdles, RedotPay says its business continues to expand. It has more than 8 million users in more than 100 countries and recently reported record highs in users, revenue, profit and margins.

The company also recently secured a US money transmitter license and is preparing to launch in the US.