Hong Kong-based stablecoin payments firm RedotPay has completed an independent financial audit by a Big Four accounting firm, a required step for a potential U.S. initial public offering, and separately completed a review of its anti-money-laundering and counter-terrorist-financing controls. The company said the IPO process remains active and has not been deferred, although no timetable for the New York listing has been announced.
The company is reportedly targeting a valuation above $5 billion after its user base grew to 8.5 million by July. In February, RedotPay was said to be considering a U.S. IPO that could raise more than $1 billion and value the company at over $4 billion; JPMorgan Chase, Goldman Sachs and Jefferies were involved in early preparation work. RedotPay raised $194 million during 2025, including a $107 million Series B round backed by Goodwater Capital, Pantera Capital and Blockchain Capital, following a $40 million Series A involving Lightspeed, Galaxy and HSG.
RedotPay CEO and co-founder Michael Gao said the audits were undertaken “to build confidence and trust in our financial reporting and compliance standards” and form part of preparation for taking the company public. The company disputed earlier Bloomberg reports that the IPO had been pushed back, saying: “There has been no deferral of our IPO. We are continuing to work with our partners on the IPO process.”
The compliance review covered RedotPay’s licensed Hong Kong subsidiaries and examined governance, customer due diligence, transaction monitoring, quality assurance, staff training and compliance resources. RedotPay secured its first U.S. money transmitter license in August and said it was preparing to launch products in the country. Users can hold stablecoins, spend through linked Visa cards and transfer money across borders. The company operates in more than 100 countries and processes roughly $14 billion in annualized payment volume.
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 confidential information was used to build RedotPay and divert customers. RedotPay has rejected the allegations and said it would “vigorously defend all claims.”
Broader crypto IPO activity has slowed: Kraken parent Payward postponed its planned IPO until at least the second quarter of 2027, Ledger paused U.S. IPO preparations in May, and Consensys and Grayscale have postponed prospective listings. RedotPay has not yet said when it expects to file for the offering or when its shares could begin trading in the United States.
