RedotPay Weighs Confidential US IPO Filing This Year at Up to $5 Billion Valuation

Hong Kong-based stablecoin payments company RedotPay is considering a confidential filing for a US initial public offering by the end of this year, Cointelegraph reported on Oct. 27.

Bloomberg, citing people familiar with the matter, reported that RedotPay is also discussing a pre-IPO fundraising round that could value the company at $4 billion to $5 billion.

RedotPay provides payment services built around stablecoins. The company says its user base has surpassed 8 million, while payment data platform Paymentscan shows stablecoin card payment volume reached $410.5 million over the past 30 days.

RedotPay was previously reported to have been pursuing a New York listing since February. At the time, reports said the company was seeking to raise more than $1 billion at a valuation above $4 billion, with JPMorgan, Goldman Sachs and Jefferies involved in the listing process.

In August, another report said the US listing timeline had been delayed by regulatory issues and a legal dispute tied to Binance. RedotPay disputed that account, saying it had not postponed the IPO and was continuing to work with partners on the listing process.

The legal dispute is also continuing. In August, Binance affiliates sought about $473 million in damages, alleging that RedotPay's founders used confidential information to build a competing payments business and lure away customers.

RedotPay denied the allegations and said it would actively contest all claims. While discussions on a US IPO and pre-listing fundraising are continuing, details including timing and valuation have yet to be finalized.