RedotPay has completed a financial audit required for a possible US listing. The Hong Kong stablecoin payments company is advancing plans to enter public markets despite questions about timing, regulation, and ongoing legal disputes.
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What Does the RedotPay US IPO Process Include?
According to the announcement, RedotPay said that a Big Four accounting firm performed its financial audit. Another Big Four firm conducted the anti-money laundering and counter-terrorist financing compliance assessment, without either being named.
Under the US securities law, any prospectus filed in connection with an initial public offering (IPO) is required to include audited financial statements. RedotPay asserted that this was a discrete process.
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Michael Gao, co-founder and CEO of RedotPay, said that these external audits were aimed at reinforcing RedotPay’s reporting credibility and compliance robustness. Gao added that these efforts were part of the preparatory process towards an upcoming RedotPay Initial Public Offering (IPO).
RedotPay US IPO plans remain active, as per RedotPay. RedotPay denied assertions in August that the IPO was delayed pending resolution of certain regulatory issues and litigation cases.
A RedotPay spokesperson clarified that there have been no delays to the IPO. RedotPay continued engagements with its partners, though there were no updated IPO timelines disclosed.
Why Is RedotPay Pursuing a US Listing?
According to Bloomberg, RedotPay had planned a fundraising round estimated to exceed $1 billion in February, which valued the company at more than $4 billion.
At that time, preparations were underway for a potential New York public listing, involving JPMorgan Chase, Goldman Sachs, and Jefferies. An insider source revealed that RedotPay now targets pre-IPO valuations above $5 billion.
Second-quarter transaction volumes achieved an all-time high in addition to operating margins surpassing 50%.
The corporation had previously announced new records achieved in the second quarter across metrics for user numbers, revenue generation, profitability, and operating margins.
Over $194 million had been raised throughout 2025 via multiple private funding rounds. These include Series B financing for $107 million with backing from Goodwater Capital, Pantera Capital, and Blockchain Capital.
Earlier, a $40 million Series A investment was led by Lightspeed Venture Partners, Galaxy Digital, and HSG Investment Group.
Who Is Behind RedotPay and Its Growth?
Founded in April 2023, RedotPay offers stablecoin wallet accounts, payment cards, and cross-border disbursement solutions. Users may store their cryptocurrency holdings within these wallets, spend via connected Visa prepaid debit cards, and send payments across borders.
The customer base stood at 8.5 million by July, marking an increase from just over 6 million recorded in February. RedotPay claims operations across over 100 nations and an annualized payment volume exceeding $14 billion per annum.
The company estimates annual stablecoin card spending may reach $50 billion in 2028, driven by uptake in emerging economies and digital dollar usage for transactions and remittances.
These metrics may prove crucial if RedotPay proceeds formally towards listing on NASDAQ via the proposed US Initial Public Offering. At present, no prospectus or filing timeline has been announced.
Where Are Regulatory and Legal Issues Developing?
RedotPay has extended its compliance operations to Hong Kong and the United States. It has a separate Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) assessment covering its subsidiary in Hong Kong, which has licenses under the Hong Kong regulatory regime.
The assessment was undertaken across six categories: governance, customer due diligence, transaction monitoring, quality control, staff training, and compliance resources.
According to RedotPay, the assessment evaluated the effectiveness of its risk management policies and procedures against relevant standards in Hong Kong. RedotPay obtained its first US money transmitter license in August.
Concurrently, its founders are facing a legal dispute against entities affiliated with Binance-linked companies. Binance subsidiaries have filed a claim for $473 million worth of losses.
According to the plaintiffs, RedotPay’s founders used confidential information obtained during previous employment with Binance in order to establish their enterprise and recruit clients.
RedotPay has denied all allegations and vowed to contest the lawsuit aggressively. There exists another parallel dispute ongoing in the jurisdiction of Singapore wherein both parties have differed on the status of separate proceedings.
According to a statement released in August, RedotPay anticipated Binance withdrawing its case post Aug. 7 hearing. However, Binance maintains that it has not abandoned its claims altogether.
In 2023, RedotPay added Binance Pay deposit facilities for its cards. On April 3, 2026, Binance ceased operations pertaining to payments for RedotPay. These disputes are ongoing amidst preparations for RedotPay’s US IPO.
When Could RedotPay Reach the US Public Market?
RedotPay has yet to announce any intended dates of filing or going public. RedotPay’s initial announcement does not reveal a specific timeframe within which RedotPay shares will start trading in the US.
RedotPay lists itself amid a challenging regulatory environment for multiple digital asset businesses. For instance, the Kraken exchange operator Payward has delayed its long-long-awaited IPO to at least Q2 2027.
RedotPay filed a confidential draft registration statement S-1 with the SEC back in November 2025 after raising $800 million at an estimated pre-IPO valuation of $20 billion.
Ledger halted its planned US IPO following a cyber attack in May 2025. Goldman Sachs, Jefferies, and Barclays were engaged as advisors in a RedotPay IPO that could have valued the firm at $4 billion.
The completion of the financial audit eliminates one hurdle in the RedotPay US IPO process. Active expansion through litigation, however, persists.
No definitive filing schedule has been announced by RedotPay regarding its planned US IPO. Without submission of a prospectus, neither the timing nor the final terms of the RedotPay US IPO can be determined conclusively.
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