RedotPay weighs confidential US IPO filing by year-end

RedotPay, the Hong Kong-based stablecoin payments and card company, is considering a confidential filing for a US initial public offering before the end of 2026, Bloomberg reported on Monday, citing people familiar with the matter, according to Cointelegraph. The company is also said to be in talks with investors about a pre-IPO funding round that could value it at $4 billion to $5 billion.

What a confidential filing means

A confidential (draft) filing lets a company submit its registration statement to the US Securities and Exchange Commission for review without making it public straight away. The documents become public before the shares are marketed, so a filing by year-end would not by itself mean a listing in 2026. Neither RedotPay nor Bloomberg gave a listing date.

The company in figures

• Users: RedotPay says it has more than 8 million.
• Card volume: data from Paymentscan cited by Cointelegraph shows $410.5 million of stablecoin card transactions over 30 days.
• Earlier plan: in February RedotPay was reported to be exploring a New York listing that could raise more than $1 billion at a valuation above $4 billion, with JPMorgan Chase, Goldman Sachs and Jefferies said to be working on the deal.

RedotPay's cards let users spend stablecoins such as USDT at ordinary merchants, converting to local currency at the point of sale.

Delay reports and the Binance lawsuit

In August, Bloomberg reported that RedotPay had put its US listing on hold because of regulatory hurdles and legal disputes involving Binance. The company rejected that account, reportedly saying "there has been no deferral of our IPO" and that it was still working with its partners on the process.

The same month, Binance-affiliated companies sued RedotPay's founders for nearly $473 million in damages, alleging they used confidential information to build a competing payments business and divert customers. RedotPay denies the claims and has said it will "vigorously defend" them.

Regulatory housekeeping

The company has also been tidying up its licensing: last week it said it had bought registered Japanese exchange BTCBOX while winding down its unlicensed service for Japanese residents. Any US prospectus would have to spell out such regulatory risks, along with the status of the Binance litigation.