RedotPay completes financial audit, targets US IPO amid delays

RedotPay, the Hong Kong-based fintech company that built its business around stablecoin-powered payments, has completed a financial audit as it continues pursuing a US initial public offering. The listing was originally slated for 2026, but has been pushed back to at least 2027.

The company initially targeted a raise of more than $1 billion at a valuation exceeding $4 billion, with JPMorgan Chase, Goldman Sachs, and Jefferies reportedly advising on the deal.

What’s causing the delay

Two factors are gumming up the timeline: regulatory approvals and active litigation.

On the legal front, RedotPay is dealing with a $473 million lawsuit from Binance-affiliated entities alleging substantial user poaching. RedotPay has called the claims baseless and says the litigation doesn’t affect its day-to-day operations.

RedotPay secured a US money transmitter license in August 2026, a meaningful milestone that positions the company for a domestic product launch. But the broader process of getting SEC sign-off for a public listing, while simultaneously operating across more than 100 markets with varying compliance requirements, is contributing to the delay.

Growth that backs up the ambition

The firm recorded 8.5 million users as of Q2 2026. Annualized revenue hit approximately $180 million, and annualized payment volumes are running in the $10 billion to $12 billion range.

The company claims to be the largest issuer of stablecoin payment cards globally. Its core product lets users spend stablecoins at traditional merchant terminals, effectively bridging the gap between digital assets and everyday commerce.

RedotPay achieved unicorn status in 2025 after raising roughly $194 million from investors including Coinbase Ventures and Circle Ventures.

The stablecoin payments landscape

Unlike crypto exchanges that depend on trading volume and market volatility, stablecoin payment processors benefit from transaction throughput regardless of whether Bitcoin is at all-time highs or in a drawdown. Revenue is tied to spending activity, not speculation.

With a money transmitter license in hand, RedotPay can begin offering its payment products domestically, opening up access to the US consumer market. The timing aligns with evolving US stablecoin legislation that has been working its way through Congress.

The Binance lawsuit introduces a wildcard that’s hard to model. A $473 million claim, even if ultimately unsuccessful, creates legal expenses and reputational noise that can suppress IPO pricing. Binance itself has faced its own regulatory reckoning in recent years, which adds layers of complexity to any legal dispute involving its affiliates.