Company Profile and Financial Snapshot

RedotPay, founded in 2023 and headquartered in Hong Kong, operates in the stablecoin payments space by offering physical and virtual cards that enable spending of digital asset balances through established merchant networks. The firm also provides multicurrency wallets and global transfer solutions centered on stablecoins. It claims more than 8 million users and, according to Paymentscan data, recorded $410.5 million in 30-day stablecoin card transaction volume.

Annualized revenue is reported to have surpassed $180 million, having hit a $100 million run rate within 18 months of launch. Revenue for the first nine months of 2026 grew more than 50 percent compared with the same period the prior year, while operating profit margins exceeded 50 percent. The company employed approximately 280 people worldwide at the time of recent reporting and had raised $194 million in financing rounds in 2025, including a $107 million Series B round.

These operational metrics underscore RedotPay’s position among emerging stablecoin infrastructure providers, though the figures remain unaudited and are drawn from company statements and industry data sources.

Evolution of U.S. Listing Plans

Plans for a U.S. listing first surfaced in February 2026, when RedotPay was reported to be exploring a New York debut that could raise more than $1 billion at a valuation exceeding $4 billion. Underwriters were said to include JPMorgan Chase, Goldman Sachs and Jefferies. In August 2026, Bloomberg reported that the company had delayed preparations amid regulatory licensing requirements and litigation involving Binance-affiliated entities.

RedotPay subsequently disputed the characterization, stating there had been no deferral of its IPO plans and that it was continuing to work with partners on the process. The firm had also obtained a U.S. money transmitter license and confirmed preparations to introduce its products in the country.

By October 2026, the outlook shifted again. Bloomberg reported that RedotPay was considering a confidential filing with the SEC by the end of 2026 while holding discussions with investors for a pre-IPO funding round that could assign a valuation of $4 billion to $5 billion. This confidential approach would allow draft offering documents to be reviewed privately before any public registration statement is filed.

Legal Matters and Regulatory Environment

Legal challenges remain a central factor in RedotPay’s U.S. market preparations. In August 2026, companies affiliated with Binance filed a lawsuit seeking nearly $473 million in damages, alleging that confidential information had been used to build a competing payments business and divert customers. The claims centered on the companies’ prior commercial relationship, including arrangements involving Binance Pay, and referenced more than 470,000 former Binance Card customers who had moved to RedotPay.

The company has maintained that the litigation would not disrupt operations and has pointed to separate proceedings in Singapore, where conflicting statements had been exchanged regarding the case’s status. Earlier reporting in September noted that RedotPay had completed a financial audit and a review of its anti-money laundering and counterterrorist financing controls, after which the firm reaffirmed its IPO preparations.

Although a spokesperson had confirmed the U.S. money transmitter license and product introduction plans, no firm timetable for a public listing had been provided. The confidential filing route now under discussion would still require subsequent regulatory review and, ultimately, a public offering document that addresses all material matters, including the ongoing legal dispute.

Advisers and Transaction Details

Bloomberg reported that JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are advising on the proposed transaction, with Barclays’ involvement disclosed for the first time in the latest coverage. Neither the company nor the banks responded to inquiries regarding timing, deal size, or other specifics.

RedotPay has not confirmed whether a pre-IPO round will close within the $4 billion to $5 billion valuation range or when any filing would occur. Sources familiar with the preparations indicated that schedules could change, and the company has not issued a public statement on the matter.

The involvement of multiple established U.S. investment banks reflects continued interest in RedotPay’s stablecoin card and transfer model as a route to public-market capital, even as legal and regulatory considerations persist.

Market Context for Stablecoin Payments Firms

RedotPay’s trajectory occurs against a backdrop of growing regulatory focus on stablecoin activities in the United States. The firm’s ability to generate sustained transaction volume through card rails and wallets positions it within a sector where user acquisition, repeat business and compliance infrastructure will influence any future public listing. Transaction metrics and user numbers are expected to feature prominently in any offering document, particularly given the legal claims that could require disclosure.

Pre-IPO fundraising, if completed, would provide additional runway for compliance work, product expansion and operational resilience while the company prepares for potential U.S. regulatory review. The confidential filing step represents a measured approach to advancing the process without immediate public disclosure of financial or legal details.