RedotPay weighs confidential US IPO filing by year-end: Bloomberg

The stablecoin payments firm RedotPay is reportedly considering submitting a confidential application to the U.S. Securities and Exchange Commission by the end of 2026, with potential valuation talks reaching as high as $5 billion.

People familiar with the matter have indicated that the Hong Kong-based stablecoin payments company is renewing preparations for a U.S. initial public offering, and a Bloomberg report on October 26 cited these sources. This potential fundraising round could place RedotPay's worth between $4 billion and $5 billion, though neither the filing schedule nor the transaction itself has been finalized.

The current discussions follow a period of several months dedicated to regulatory preparations and a legal disagreement involving entities connected to Binance. RedotPay's most recent conversations suggest the company is contemplating a definite regulatory action after dedicating much of 2026 to preparing for a potential debut in the American stock market. A private filing would enable the SEC to examine preliminary offering documents before the company makes its registration statement public.

JPMorgan Chase, Barclays, Jefferies, and Goldman Sachs are reportedly involved in the prospective deal, which could ultimately assign RedotPay a value of $5 billion or greater. Barclays' participation was not previously made public, and the bank declined to comment on its reported involvement. The company has not disclosed the venue for the listing, the share price, the size of the offering, or when trading is expected to commence. Sources privy to the preparations warned that the proposed timeline might shift, and RedotPay did not reply to Bloomberg's requests for comment.

These renewed talks regarding the filing come after initial plans for a U.S. listing were mentioned in February, when the payments company was exploring raising over $1 billion at a valuation surpassing $4 billion; at that earlier time, the proposed offering included JPMorgan, Goldman Sachs, and Jefferies. The resuscitated filing discussions are a reaction to differing accounts regarding whether RedotPay put off its planned listing due to regulatory and legal obstacles.

Bloomberg reported in August that the company had postponed its IPO preparations while tackling licensing requirements and litigation connected to Binance. RedotPay subsequently refuted this characterization, asserting that its listing process was not deferred and that it continued working with its advisors. In September, the company reaffirmed its IPO preparations subsequent to completing a financial audit and a distinct assessment of its controls against money laundering and counterterrorist financing.

A company spokesperson had previously confirmed that RedotPay had secured a U.S. money transmitter license and was preparing to introduce its offerings within the nation, yet this spokesperson offered no definitive date for an IPO, leaving the intended filing date uncertain. RedotPay's listing discussions are ongoing while its founders are facing legal claims initiated by Binance-affiliated companies. These plaintiffs are seeking nearly $473 million in damages, asserting that confidential business intelligence assisted RedotPay in developing a competing payments service and diverting customers.

In August, Binance affiliates filed a lawsuit amounting to $473 million, claiming that over 470,000 former Binance Card customers had transitioned to using RedotPay. These claims relate to the companies' prior commercial relationship, which included agreements involving Binance Pay. RedotPay has refuted these claims, maintaining that the legal action will not interfere with its operations. In a statement issued on August 5, the firm stated it felt confident in its legal standing and was "vigorously defending all claims."

Separate legal actions taking place in Singapore have resulted in contradictory statements from the involved parties. RedotPay had previously suggested that Binance might discontinue the Singapore case, whereas Binance maintained that its claims remained active following a court hearing in August.

Established in 2023, RedotPay offers global transfer services, multicurrency wallets, and cryptocurrency payment cards, with stablecoins constituting a core element of its business. Its physical and virtual cards permit clients to utilize digital asset balances through supported payment channels. The company reportedly serves more than 9 million customers and employs around 280 individuals across the globe.

According to sources cited by Bloomberg, its annualized revenue surpassed $180 million, having achieved a run rate of $100 million within 18 months of its launch. Revenue during the first nine months of 2026 reportedly increased by over 50% when compared to the corresponding period of the prior year, and its operating profit margin exceeded 50%. These figures are credited to individuals familiar with the business because RedotPay has not released audited financial statements substantiating these outcomes.

RedotPay secured $194 million through financing rounds in 2025, which included a Series B investment of $107 million. Goodwater Capital, Pantera Capital, and Blockchain Capital were previously named among the investors supporting that funding.