Hong Kong-based stablecoin payments firm RedotPay is reportedly preparing for a potential initial public offering (IPO) in the United States, aiming to raise $1 billion and secure a valuation above $4 billion.
According to Bloomberg, the company is working with major Wall Street banks, including JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group, for the planned New York listing. The IPO could take place later this year, although the specific timing and details are still under review.
RedotPay, a Hong Kong stablecoin payments startup, is contending with executive turnover and sensitivities around its connections to mainland China as it seeks to raise up to $150 million just months after its last funding round https://t.co/JQSLjl8qJV
— Bloomberg (@business) March 18, 2026
Rapid growth and unicorn status
RedotPay has experienced fast expansion since its founding in April 2023. During 2025, the company raised $194 million across funding rounds, including a Series B in December, achieving unicorn status with a valuation exceeding $1 billion. Investors in past rounds included Coinbase Ventures, Circle Ventures, Pantera Capital, and Lightspeed Venture Partners.
The firm reported over 6 million registered users across more than 100 markets by November 2025. Its stablecoin payment solutions, including a multi-currency wallet and card services, processed more than $10 billion in payments annually and generated over $150 million in annualized revenue.
The company has faced internal turnover, with multiple senior executives departing within a year and changes in the compliance leadership role. Despite this, the firm is advancing its IPO plans without a chief financial officer in place.
Global expansion and technical partnerships
RedotPay has pursued global expansion aggressively. In December 2025, the firm partnered with Ripple to integrate Ripple Payments, enabling more efficient cross-border transactions. Users can send cryptocurrency and receive local fiat currencies, such as the Nigerian Naira or Brazilian Real, directly into bank accounts.
The company also launched a payment card program in Singapore through collaborations with Visa and StraitsX, facilitating the use of cryptocurrency alongside traditional currencies in retail payments. These steps aim to increase financial inclusion in regions like Africa, South America, and the Middle East.
Regulatory context and China links
RedotPay’s operations have attracted attention due to the company’s historical ties to mainland China. While it does not serve mainland users, some founders and early operations originated in the region, prompting scrutiny from U.S. investors. Its investor base includes Beijing-based Gaorong Ventures, which adds complexity amid China’s ongoing ban on cryptocurrency activity.
Meanwhile, Hong Kong has developed a regulatory framework to support crypto businesses, positioning itself as a hub for digital asset firms. The combination of strong market demand, regulatory clarity, and institutional interest makes RedotPay’s IPO ambitions particularly notable.
Crypto IPO market sees surge
The RedotPay IPO would join a growing wave of crypto-related public offerings. In 2025, companies including Bullish, Circle, eToro, Figure, and Gemini listed publicly, collectively adding nearly $20 billion in market value, according to PitchBook. At least 11 crypto IPOs raised around $14.6 billion in 2025, compared to four IPOs in 2024 that raised $310 million, signaling increasing maturity in the sector.
RedotPay’s U.S. IPO and potential additional funding rounds underscore the rising institutional appetite for stablecoin-linked infrastructure, reflecting broader trends in the digital finance ecosystem.
Anastasiia G
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
