RedotPay, a provider of stablecoin-based wallets, payment cards, and global payouts, has completed its pre-IPO financial audit as part of efforts toward a potential listing in the United States. The company, which operates primarily from Hong Kong, also underwent a separate review of its anti-money laundering and counter-terrorism financing controls. Both steps, handled by a Big Four accounting firm, form standard requirements for U.S. public companies filing prospectuses.

The completed audit resolves earlier concerns raised in August about delays in the IPO timeline. RedotPay stated that its plans remain active and are continuing with partners involved in the process. The company has raised more than $194 million through financing rounds in 2025, including a $107 million Series B round led by investors such as Goodwater Capital, Pantera Capital, and Blockchain Capital.

Business Momentum Supports IPO Push

RedotPay has grown rapidly, reaching 8.5 million users by July from more than 6 million in February. The firm processes roughly $14 billion in annualized payment volume and has recorded record transaction volumes in the second quarter. Its operating margin exceeded 50 percent during that period, according to information provided to reporters.

Stablecoin card spending has accelerated as well. Cumulative usage passed $10.9 billion, with monthly spending surpassing $1 billion for the first time in July. RedotPay projects that stablecoin card spending could reach $50 billion annually by 2028, driven by adoption in developing markets, regulatory progress, and use of digital dollars for remittances and foreign exchange.

U.S. Regulatory Footprint Expands

RedotPay secured its first U.S. money transmitter license in August and is preparing to introduce its products in the country. The company already serves users across more than 100 countries, with its stablecoin-based cards linked to Visa and used for cross-border transfers.

Legal Dispute with Binance Continues

Preparations for the U.S. listing are proceeding amid an active legal matter involving Binance affiliates. The plaintiffs have sought nearly $473 million in damages, alleging that confidential information from former employment with Binance was used to develop RedotPay’s business and attract users. RedotPay has rejected the claims and said it will defend them vigorously.

A related proceeding in Singapore remains ongoing, though the companies have disagreed on its future. The commercial relationship between the firms dates to 2023, when RedotPay added support for Binance Pay deposits on its cards. Binance later discontinued that functionality on April 3, 2026, after reviewing its merchant partners.

Context Within Broader Crypto IPO Landscape

RedotPay’s timeline occurs as other digital asset companies have adjusted or paused U.S. listing plans. Payward, parent of Kraken, has postponed its offering to at least the second quarter of 2027 after raising $800 million at a $20 billion valuation. Hardware wallet maker Ledger has also halted preparations, while Consensys and Grayscale have delayed prospective listings. RedotPay has not disclosed a specific filing date or target exchange for its IPO.

The firm previously estimated that a U.S. listing could raise more than $1 billion and value the business at over $4 billion when plans first emerged in February. JPMorgan Chase, Goldman Sachs, and Jefferies have been involved in advisory work for the potential New York listing.