RedotPay, the Hong Kong-based stablecoin payment firm, has decided to postpone its US stock market debut, which was initially planned to raise over $1 billion. The operation, which will not occur before 2027 at the earliest, aims to allow the company to focus on pending legal challenges.
Key Takeaways
- RedotPay delays its US IPO plan, initially targeting over $1 billion, originally planned for 2025-2026
- A $470 million lawsuit filed by Binance in Hong Kong courts
- Record Q2 2026 results: 8.5 million users and $180 million in annualized revenue
- Obtained a US money transmitter license
- Achieved unicorn status in September 2025
Regulatory Compliance and Legal Context
RedotPay’s spokesperson stated to CoinDesk via Telegram:
« Our strategy continues to focus on global regulatory compliance and business growth. This week, we obtained a money transmitter license in the United States. We are preparing the launch of our product in the United States. »
RedotPay Spokesperson, CoinDesk
This regulatory process refers to the $470 million lawsuit filed by Binance in Hong Kong courts. The cryptocurrency exchange accuses RedotPay of diverting approximately 470,000 users while the two companies had an agreement in place. Under this arrangement, Binance authorized its clients to use their Binance Pay funds on RedotPay to convert cryptocurrencies into fiat currency. Binance has also filed parallel proceedings in Singapore.
Financial Performance and Unicorn Status
Despite these legal difficulties, RedotPay published record results in Q2 2026, with 8.5 million users and $180 million in annualized revenue. In Q1, the company had reported nearly $12 billion in annualized revenue and eight million users.
The company achieved unicorn status in September 2025. It describes its model as that of the world’s largest stablecoin payment card issuer. Founded in April 2023, RedotPay offers payment cards linked to stablecoins, multi-currency wallets, and international payment services. According to its website, the company has over six million users across more than one hundred countries, with annualized payment volume exceeding $10 billion.
2025 Fundraising History
| Period | Funding Round | Amount Raised | Lead Investors |
|---|---|---|---|
| March 2025 | Series A | $40 million | Lightspeed, HSG, Galaxy Ventures |
| September 2025 | Strategic | $47 million | Coinbase Ventures, Galaxy Ventures, Vertex Ventures |
| December 2025 | Series B | $107 million | Goodwater Capital, Pantera Capital, Blockchain Capital, Circle Ventures |
| 2025 Total | $194 million |
Stablecoin Market Outlook
Alongside these developments, RedotPay obtained this week a US money transmitter license, marking a significant regulatory milestone for its expansion into the American market. This approach is part of a broader global compliance strategy, as highlighted by the company.
The IPO project was initially reported in February 2025 by Bloomberg, which indicated that RedotPay was considering a fundraising of over $1 billion on the US market. At the time, anonymous sources revealed that the company was working with JPMorgan Chase, Goldman Sachs Group, and Jefferies Financial Group for a listing in New York, potentially as early as 2025. The target valuation could have exceeded $4 billion.
« RedotPay is considering a US IPO that could raise over $1 billion, with a valuation exceeding $4 billion. »
Anonymous sources, Bloomberg, February 2025
Conclusion
In June 2025, RedotPay partnered with Circle to join the Circle Payments Network and support payments to Brazil. Among the investors are major names in the sector: Circle Ventures, Coinbase Ventures, Galaxy Ventures, Goodwater Capital, HSG, Pantera Capital, and Vertex Ventures.
In the broader sector context, Standard Chartered forecasts that the stablecoin market value will reach $2 trillion by 2028, compared to approximately $309 billion currently. This growth occurs within an evolving regulatory environment, with the adoption of the GENIUS Act last year and ongoing discussions around the CLARITY Act in the United States.
Sources
This article is published for informational and educational purposes. It does not constitute investment advice in any way. Conduct your own research (DYOR) before making any decisions.
