- The crypto payment card platform RedotPay, headquartered in Hong Kong, is looking at a confidential SEC filing in the United States prior to 2026, according to a report from Bloomberg.
- Pre-IPO funding for the firm is being considered at a valuation of between $4 billion to $5 billion, and JPMorgan, Goldman Sachs, Jefferies, and Barclays are among the rumored banks.
- RedotPay has over 9 million customers, reported annualized income of above $180 million, and had stablecoin card transactions of $410.5 million in the past 30 days.
- Firms associated with Binance filed suit against RedotPay in August for over $473 million in damages, alleging misuse of confidential information and customer diversion.
RedotPay, a Hong Kong-based stablecoin payments company founded in 2023, is weighing a confidential filing with the U.S. Securities and Exchange Commission for an initial public offering before the end of 2026, according to a Bloomberg report.
🚨 @RedotPay eyes a US 🇺🇸 IPO at a $5 BILLION valuation.
Not bad for a company founded in 2023 🤯
The Hong Kong-based stablecoin payments company now has:
→ 9M+ customers
→ 280 employees globally
→ $180M+ annualized run-rate revenue
→ 50%+ revenue growth in the first 9 months of 2026
→ 50%+ operating profit marginRedotPay also raised $194M in 2025 and counts the venture arms of Coinbase and Circle among its backers.
And some serious names are working on the IPO:
→ @jpmorgan
→ @GoldmanSachs
→ @Jefferies
→ @BarclaysThe company had previously faced regulatory and legal issues that delayed its IPO plans, but @Bloomberg now reports it could submit a confidential filing to the SEC before year-end: https://t.co/mfxy5Th4iG
Stablecoins are becoming serious business. And Wall Street is paying attention.
Don’t miss the next big FinTech move. 👉 Join 200,000+ people already getting my FinTech updates: https://t.co/Diq3VhoWM1
— Marcel van Oost (@oost_marcel) October 26, 2026
The company provides crypto payment cards, multicurrency wallets, and global money transfer services to more than 9 million customers.
Pre-IPO Round Targets $4B To $5B Valuation
RedotPay is simultaneously in discussions with investors about a pre-IPO funding round that could value the company at between $4 billion and $5 billion. JPMorgan Chase, Goldman Sachs, and Jefferies are apparently working on the offering; Barclays is also involved, although that bank’s role had not previously been disclosed and it declined to comment.
The company raised $194 million in 2025, including a $107 million Series B backed by Goodwater Capital, Pantera Capital, and Blockchain Capital.
Financials Signal Rapid Growth
According to the report, RedotPay’s annualized revenue has surpassed $180 million, with revenue for the first nine months of 2026 growing more than 50% year over year and an operating profit margin exceeding 50%.
On-chain data from Paymentscan shows $410.5 million in stablecoin card transaction volume in the past 30 days. RedotPay has also obtained a U.S. money transmitter license and is preparing to launch its products in the U.S. market.
Binance Lawsuit Clouds The Path
Binance-affiliated companies filed a lawsuit in August seeking nearly $473 million in damages from RedotPay, alleging that more than 470,000 former Binance Card customers migrated to RedotPay and that confidential business information was used to build a competing service.
RedotPay denies all allegations and said it would vigorously defend all claims. In August, Bloomberg reported that the dispute had delayed the listing; RedotPay disputed that characterisation, stating its IPO process was continuing without deferral.
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