Hong Kong-based stablecoin payments company RedotPay has reportedly renewed preparations for a U.S. initial public offering, with a confidential regulatory filing under consideration before the end of 2026 and a potential valuation of up to $5 billion.
Summary
- RedotPay is considering a confidential U.S. IPO filing before the end of 2026.
- A potential pre-IPO funding round could value the payments company at $4 billion to $5 billion.
- JPMorgan, Goldman Sachs, Jefferies and Barclays are reportedly advising on the proposed listing.
- RedotPay’s IPO preparations continue amid a $473 million legal dispute involving Binance affiliates.
According to an October 26 Bloomberg report, citing people familiar with the matter, the company is considering submitting its paperwork privately to the U.S. Securities and Exchange Commission while continuing discussions with investors about a possible pre-IPO funding round.
The proposed fundraising could value RedotPay between $4 billion and $5 billion, although neither the transaction nor the filing timetable has been finalized. The discussions follow months of regulatory preparations and a legal dispute involving Binance-affiliated companies.
RedotPay considers year-end filing for US IPO
RedotPay’s latest discussions suggest the company is considering a concrete regulatory step after spending much of 2026 preparing for a possible American stock market debut. A confidential filing would allow the SEC to review draft offering documents before the company makes its registration statement publicly available.
Crypto firm Redotpay is considering a confidential US IPO filing by year-end after months of regulatory wrangling, people familiar with the matter said https://t.co/BHdALJiWoJ
— Bloomberg (@business) October 26, 2026
Bloomberg reported that JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are working on the proposed transaction, which could eventually value RedotPay at $5 billion or more. Barclays’ involvement had not been previously disclosed, while the bank declined to comment on its reported role.
The company has not announced a listing venue, share price, offering size or expected trading date. Sources familiar with the preparations cautioned that the proposed schedule could change, and RedotPay did not respond to Bloomberg’s requests for comment.
The latest valuation discussions follow initial plans for a US listing reported in February, when the payments company was considering raising more than $1 billion at a valuation exceeding $4 billion. At that stage, the proposed offering involved JPMorgan, Goldman Sachs and Jefferies.
RedotPay disputes previous reports of IPO delays
The renewed filing discussions follow conflicting accounts of whether RedotPay had postponed its planned listing because of regulatory and legal problems. Bloomberg reported in August that the company had delayed its IPO preparations while addressing licensing requirements and litigation involving Binance.
RedotPay subsequently challenged that characterization, stating that its listing process had not been deferred and that it continued working with advisers. In September, the company reaffirmed its IPO preparations after completing a financial audit and a separate review of its anti-money laundering and counterterrorist financing controls.
A company spokesperson previously confirmed that RedotPay had obtained a U.S. money transmitter license and was preparing to introduce its products in the country. However, the spokesperson did not provide a firm timetable for an IPO, leaving the proposed filing date unconfirmed.
Binance lawsuit remains part of RedotPay’s IPO preparations
RedotPay’s listing discussions continue while its founders face legal claims brought by Binance-affiliated companies. The plaintiffs are seeking nearly $473 million in damages, alleging that confidential business information helped RedotPay develop a competing payments service and divert customers.
In August, Binance affiliates filed a $473 million lawsuit, claiming that more than 470,000 former Binance Card customers had moved to RedotPay. The allegations concern the companies’ previous commercial relationship, including arrangements involving Binance Pay.
RedotPay has denied the allegations and maintained that the litigation would not disrupt its operations. In an August 5 company statement, the firm said it remained confident in its legal position and was “vigorously defending all claims.”
Separate proceedings in Singapore have generated conflicting statements from the companies. RedotPay previously indicated that Binance might discontinue the Singapore case, while Binance maintained that its claims remained active following an August court hearing.
Stablecoin payments growth supports RedotPay’s valuation discussions
Founded in 2023, RedotPay provides cryptocurrency payment cards, multicurrency wallets and global transfer services, with stablecoins forming a central part of its business. Its physical and virtual cards allow customers to spend digital asset balances through supported payment channels.
The company reportedly serves more than 9 million customers and employs approximately 280 people worldwide. According to Bloomberg’s sources, its annualized revenue surpassed $180 million after reaching a $100 million run rate within 18 months of launch.
Revenue during the first nine months of 2026 reportedly grew more than 50% compared with the same period last year, while its operating profit margin exceeded 50%. The figures remain attributed to people familiar with the business because RedotPay has not published audited financial statements establishing those results.
RedotPay raised $194 million through financing rounds in 2025, including a $107 million Series B investment. The company previously identified Goodwater Capital, Pantera Capital and Blockchain Capital among investors supporting that financing.