Hong Kong-based stablecoin payments company RedotPay is reportedly preparing a confidential filing for a U.S. initial public offering before the end of 2026, according to Bloomberg sources. The company is also in talks with investors about a pre-IPO funding round that could value it at between $4 billion and $5 billion.
JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are reportedly working on the proposed transaction. RedotPay offers physical and virtual payment cards, multicurrency wallets and transfer services that allow users to spend digital assets, including stablecoins. The company says it has more than 8 million users, while Paymentscan data shows $410.5 million in 30-day stablecoin card transaction volume.
The confidential filing has not yet been completed, and neither the valuation nor the IPO timetable is final. A confidential submission would allow the Securities and Exchange Commission to review draft offering documents before any public registration statement. If RedotPay submits the filing by year-end, it would move into a more formal regulatory stage without guaranteeing a listing.
The renewed IPO push follows a turbulent period. Binance-affiliated companies have sued RedotPay founders, seeking nearly $473 million in damages over allegations that they used confidential information to build a competing payments business and divert customers. RedotPay has denied the allegations and said it will vigorously defend all claims. The company also disputed earlier reports of a delayed IPO, stating there has been no deferral and that it continues to work with partners on the process.
A successful listing would make RedotPay one of a small but growing number of crypto-native companies to reach U.S. public markets in 2026. Its stablecoin-linked payment card model bridges decentralized finance with everyday commerce and could test investor appetite for payments-focused crypto firms. The timing of a formal prospectus depends on the SEC review process and the outcome of the ongoing Binance litigation.
